A bombshell hit today as reports are circulating that the next installment of Spider-man has been scrapped.  The movie has been in the news this past few weeks as it has been plagued by reports of delays.  It was scheduled to come out in 2011.

Sony has decided instead to reboot the series after director Sam Raimi pulled out of the movie feeling he couldn’t deliver his vision by 2011.  This means that Raimi and the cast including star Tobey Maguire are out.  Instead, the studio will focus on a reboot script by Jamie Vanderbilt with a new director and a new cast.  All this took place today at meeting on the lot today.  An official Sony Pictures news release about it is expected.

GeekWeek has some of the juicier details on what occurred.

We’ll be providing more details as soon as Sony releases a statement.