A lot of times, a project in development will not make it into the production process. When this happens, the project is abandoned by the studio and placed into turnaround. In other words, the studio makes it official that they’re not going to green light the project in the foreseeable future. This gives the opportunity for the producer to shop the project to other studios or film companies who might show more interest in producing it. If there isn’t a producer attached, other studios or financiers can try and acquire the rights to the project.
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