Paramount has dropped out of a deal with Warren Beatty for him to write, produce, direct and star in a major film centering on Howard Hughes. Tantalizingly, Beatty says the movie is about the reclusive millionaire but is not a biopic. No reason was given for Paramount dropping the project, but New Regency has picked it up and the studio says the script is terrific. Paramount may have gotten cold feet about working with Beatty. His 1981 epic Reds won him an Oscar for direction but lost enough money to finance another revolution in Russia. Additionally, Beatty works at a glacial pace and doesn't tolerate any interference from studio executives regarding the content of his films or their escalating budgets. His last three films Love Affair, Bulworth and Town & Country were all costly flops, with the latter- a modest modern romance- going far enough over budget that it took seemingly forever to complete. For more click here