Spider-Man 4, which has been showing outward signs of trouble for months, has been killed by Sony Pictures, AIN'T IT COOL NEWS  confirmed this afternoon.
The studio has opted to cut its losses on the Spider-Man 4 project, which was slated to hit theaters in 2011 but never went into production. Instead, the franchise is headed for a reboot with an entirely new cast and filmmaking team under a script written by James Vanderbilt.
Columbia Pictures and Marvel Studios have decided not to wait for Sam Raimi, who already said he couldn't meet their deadline and make the film he wants.
The new film will focus on Peter Parker as teenager grappling with human problems and extraordinary powers.
“Working on the Spider-Man movies was the experience of a lifetime for me. While we were looking forward to doing a fourth one together, the studio and Marvel have a unique opportunity to take the franchise in a new direction, and I know they will do a terrific job,” said Sam Raimi.
“We have had a once-in-a-lifetime collaboration and friendship with Sam and Tobey and they have given us their best for the better part of the last decade. This is a bittersweet moment for us because while it is hard to imagine Spider-Man in anyone else’s hands, I know that this was a day that was inevitable,” said Matt Tolmach, president of Columbia Pictures.