Warner Bros. has backed off a sequel to New Line’s 1994 comedy hit “Dumb and Dumber” with Jim Carrey and Jeff Daniels.

New Line said Warner Bros. is allowing the project, which has Bobby and Peter Farrelly to return as directors, to be taken out to other studios and financiers. The Farrelly brothers are producing via their Conundrum Entertainment banner.

New Line grossed nearly $250 million worldwide on “Dumb and Dumber.” Its 2003 prequel “Dumb and Dumberer: When Harry Met Lloyd” took in less than $40 million without Carrey, Daniels or the Farrelly brothers.

The sequel had been dubbed “Dumb and Dumber To” with Carrey and Daniels reprising their roles and the Farrellys writing.

It’s the second New Line comedy franchise that parent Warner Bros. has dropped in recent months. The studio announced in late April that it was delaying “Vacation,” which had been in pre-production with a July start date in Atlanta with Ed Helms and Christina Applegate in the lead roles.