“Spiderman 4″ Scrapped; Franchise Loses Tobey Maguire, Kirsten Dunst

Universal Studios Spiderman is getting a facelift — and that isn’t exactly a good thing.

After a rumored script dispute pushed the blockbuster off the May 2011 calender, the movie franchise’s long-awaited fourth installment has unraveled all together. Spiderman 4 was cut from Columbia’s production schedule on Monday, E! Online reports. While later Spidey installments are in the work, they won’t feature series stars Tobey Maguire and Kirsten Dunst, Columbia Pictures and Marvel Studios announced on Monday.

Franchise producers will re-make the series once the concept is re-worked, moving the Spiderman movie saga to a teenage Peter Parker’s high-school days. Spiderman 1-3 director Sam Raimi is also out of a job, execs announced. Raimi said working on the movies was the “experience of a lifetime” and that he thinks studios will do a “terrific job” on the new films.

Spiderman is set to re-launch in summer 2012.