STX Entertainment backs out of Barbra Streisand's 'Gypsy' remake

LOS ANGELES, Aug. 4 (UPI) -- STX Entertainment has backed out of Barbra Streisand's remake of the musical Gypsy, which it had committed to co-finance and distribute.

STX reportedly bowed out after financier and producer Leonard Blavatnik, who was on the books for nearly one-third of the production's budget, dropped out as well.

Streisand is slated to play the lead role of Mama Rose, who spurred her two daughters to become vaudeville stars – with one of them succeeding as burlesque legend Gypsy Rose Lee.

Gypsy debuted on Broadway in 1959 and was made into a film starring Natalie Wood in 1962.

Barry Levinson is still on board to direct the remake and Joel Silver is still scheduled to produce.