Amid a strategy shift and some brutal cost-cutting, comes news that Disney+ will not be proceeding with its plans to acquire the live-action series adaptation of the popular children’s fantasy books, The Spiderwick Chronicles.

The eight-episode series, which hails from Paramount Television Studios and 20th Television, has been completed. It is currently being shopped by Paramount to other potential buyers, writes Deadline.

Based on the series of bestselling books by Tony DiTerlizzi and Holly Black, The Spiderwick Chronicles is a contemporary American Gothic coming-of-age story. In it, upon leaving New York and moving to Michigan and into their run-down ancestral home with their mother, twin brothers Jared and Simon Grace (Lyon Daniels and Noah Cottrell, respectively), along with their sister Mallory (Mychala Lee), find themselves pulled into an alternate faerie-filled world.

The series is showrun by Aron Eli Coleite, who executive produces with Holly Black, Tony DiTerlizzi, Ellen Goldsmith-Vein, Jeremy Bell, D.J. Goldberg, Julie Kane-Ritsch and Kat Coiro. Christian Slater also stars.

Shelving the Spiderwick Chronicles adaptation comes amidst the company’s plans to take a $1.5 billion write-down during their Q3 by removing around thirty shows from Disney+ and Hulu. Series like Willow, Dollface, Y: The Last Man, and The World According to Jeff Goldblum have already been pulled from the streaming platforms.