Earlier, we had reported that Nancy Meyers' is all set to return to the directorial chair for an upcoming film, tentatively titled Paris Paramount, for Netflix. The latest report suggests that Netflix has cancelled the project due to budget constraints. 

Scarlett Johansson, Penélope Cruz, Michael Fassbender, and Owen Wilson were in talks to play the lead roles in Paris Paramount. 

Paris Paramount was to revolve around a budding writer-director who shares a professional and romantic partnership with her producer. After their break up, they're forced to work together when they collaborate on a massive new project. Amidst the chaos of a star-studded movie production, they try to navigate their relationship. 

Interestingly, the director Meyers had a similar relationship with Charles Shyer, a writer/producer/director. She married him in 1980, and they parted ways in 1999. 

Given Meyers' track record, the film may still be made if another studio or streamer takes on the project.