UPDATED 7:25PM CST | We got in touch with a Warner Bros. rep who tells us that It will remain at New Line Cinema with no firm determination on location or shooting schedule.

This Memorial Day news broke that “True Detective” director Cary Fukunaga had exited the latest film adaptation of the Stephen King’s It.

The stories cited creative differences, which included Fukunaga’s desire to direct in New York, while the studio wanted to cut costs by sending Pennywise to other locations. It was also said that one of the reasons for the budget concerns may have been the lukewarm opening Poltergeist, which also heavily used a clown in their marketing.

Anyhow, filming was to take place this summer, and thus was postponed indefinitely.

From the sounds of things, it would appear that It was dead. Or is it…

Well, good news, folks, as a regular insider told us that Pennywise may be rising up from the sewers!

A source from the inside is telling us that the project is very much not dead – and could be heading back to Warner Bros. (it was shifted to New Line during budget cuts) with filming still set for New York.

Even weirder is that Warners is expected to sign a new director (booooooooo!) in the coming weeks, and are currently meeting with candidates. It sounds as if “budget cuts” was just an excuse wrapped around a deeper issue between Fukunaga and the studio…

We were originally told that the current expectation was that Warners would move forward with the existing It scripts and New York locations for filming possibly later this year, which is unfortunately not the case.

It will be two separate films, one which tackled the protagonists as children and the second film to focus on them as adults.

No word on if Will Poulter is still cast to play the villainous clown “Pennywise”.

Hopefully we’ll get some answers in the coming weeks because this sucks.