Reports: 'Degrassi' revival not moving forward at HBO Max

Nov. 4 (UPI) -- HBO Max has reportedly canceled plans for its Degrassi revival series.

Deadline said Thursday that HBO Max scrapped the project, which was expected to begin filming this past summer.

Variety confirmed the news.

HBO Max had announced the new Degrassi series in January. The first season was to consist of 10 episodes and premiere in 2023.

Lara Azzopardi and Julia Cohen were to serve as showrunners.

"Series after series, the Degrassi franchise continues to make an indelible impact on young viewers looking for trustworthy and authentic storytelling," Warner Bros. head of kids and family programming Amy Friedman said at the time.

The Degrassi revival was to reboot the teen drama franchise, which follows the students of the fictional Degrassi Community School.

The franchise consists of five series, including Degrassi: The Next Generation, which aired from 2001 to 2015 and helped launch the careers of Drake, Nina Dobrev, Shenae Grimes and other stars.

The Wall Street Journal, which first reported the cancellation, said Warner Bros. Discovery Inc. stock is down about 48% since the Warner Bros.-Discovery merger in April.

Other cuts at the company include the Batgirl movie starring Leslie Grace and the animated film Scoob!: Holiday Haunt.