Mar 15, 2011 02:12 PM EST

"Yellow Submarine" Project Ditched by Disney

Disney has officially pulled the plug on the upcoming Beatles "Yellow Submarine" remake. Budget concerns are cited as the reason.

The film was to showcase 16 Beatles songs, and was to use the motion-capture technology that director Robert Zemekis used in "Beowulf". Zemekis is now free to try and get another studio to pick up the film, but the high budget may be a turn off for most.

Disappointing box office sales from "Mars Needs Moms" are also said to be a reason for the project getting scrapped.