Cary Fukunaga quits as director of ‘It’ based on Stephen King novel

US film director Cary Joji Fukunaga has resigned from his position as director of 'It.'

New Line's adaptation of the novel ‘It' by acclaimed author Stephen King no longer has a director since Cary Fukunaga, who directed 'True Detective,' resigned, it was announced Monday.

Originally, they had planned to make two separate films of the horror story, yet New Line began leaning towards merging the content into one single film for budget reasons, Variety reports.

This posed a problem for Fukunaga, who locked horns with the studio and subsequently quit, stalling production which had been scheduled to begin this summer.

King penned the novel in 1986 and the story follows the lives of seven children as they are terrorized by a clown that appears friendly at first sight.