In September, Universal and NBC Universal Television announced they were going to produce a film trilogy and TV series based on King's books. Ron Howard was to direct the first film.
But the studio had a July 15 deadline to commit to the projects and, according to The Hollywood Reporter, couldn't make the budget work.
The seven books, which date back to 1982, follow a gunslinger's quest to find the fabled Dark Tower. The novels have sold more than 30 million copies.