Almost two years after Disney+ gave the green light to the television adaptation of “The Spiderwick Chronicles”Deadline reports that the platform has decided to scrap the project as part of its cost-cutting efforts. Production on the series wrapped earlier this year, so Paramount Television is already looking for a new home for the fantasy series.

The series follows the Grace family (twin brothers Jared and Simon, sister Mallory and mother Helen) as they move into their run-down ancestral home. Then she begins to unravel a dark secret surrounding her great-great-grandfather, who once discovered the mysterious and sometimes dangerous world of fairies.

Aron Eli Coleite is the showrunner of the series, the first two episodes of which were directed by Kat Coiro. The cast consists of Lyon Daniels as Jared Grace, Noah Cottrell as Simon Grace, Mychala Lee as Mallory Grace, Momona Tamada as Emiko, Alyvia Alyn Lind as Calliope, Joy Bryant as Helen Grace, and Christian Slater as the villain, the ogre Mulgarath.

Along with The Spiderwick Chronicles, Disney+ has canceled the live-action series titled Captain Nemo ‘Nautilus’. It is not confirmed at this time if the company will sell the rights to the project to another company.

Keep in mind that the company’s cost-cutting strategy also resulted in the removal of several original series from Disney+ and Hulu, including Willow, The Mighty Ducks: Game Changers, Diary of a Future President, The Mysterious Benedict Society And “Marvel’s Runaways”.