'Pirates of the Caribbean 5' Movie News Update: Jerry Bruckheimer Will Lose Final Cut on Fifth Installment

Disney is planning on taking Jerry Bruckheimer's right to final cut away.

According to the The Wrap, the studio and Bruckheimer are restructuring his deal for "Pirates of the Carribbean 5." According to two individuals close to the project, the new contract will most likely not include final cut privileges and will limit the budget on the next installment of the film franchise.

The right to final cut gives the director or producer the ability to make the final decisions in the creative editing process. Without final cut, those decisions are given to studio executives.

The new contract was a result of "The Lone Ranger's" failure at the box office. The movie cost $215 million and only grossed $87 million in the States. Worldwide the movie also failed and only made $88 million. During Disney's earnings call Tuesday, the company said it had "to take a $160-$190 million write-down in its next fiscal quarter. As a result, the studio is taking a closer look at all the films on its slate, especially high-budget fare like 'Pirates 5.'" When asked about the contract Bruckheimer did not immediately respond to requests for comment.

Disney also declined to comment. According to sources, the company's heightened involvement in the project was evident after it selected directors Joachim Ronning and Espen Sandberg. Disney's choice was in part due to the fact that the "directors demonstrated they could make a movie look grandiose with limited financial resources on the Oscar-nominated 'Kon-Tiki.'"

Disney and Bruckheimer hope the duo will "inject fresh life into a franchise." The company will still go ahead with $200 million budget. However, Disney does not want the budget to reach $250 million.

This is not the first time Disney has had budget issues with Bruckheimer. Disney shut down production on "The Lone Ranger" over its budget, and also took final-cut privileges from director Gore Verbinski.

This is also not the first time Disney has bombed at the box office. It previously lost a reported $200 million on "John Carter."

"Pirates of the Caribbean 5" will star Johnny Depp and is currently slated to start shooting at the end of the summer. Disney is set to distribute the film in July 2015.