STX Entertainment has backed away from financing Barbra Streisand’s remake of “Gypsy” with Barry Levinson directing and Joel Silver producing.

STX had no comment about the project. In April, Variety reported that the two-year-old studio had come on board “Gypsy” after picking it up out of turnaround from Universal, where it had been in development for several years.

Streisand was to produce the film with Silver, best known for the “Lethal Weapon” franchise.  Richard LaGravenese was attached to write the film, with Streisand involved in developing the script.

“It’s Barbra Streisand doing one more, if not the last, movie musical of her career,” STX’s Adam Fogelson told Variety in April.

“Gypsy” tells the story of  the burlesque legend Gypsy Rose Lee, based on her 1957 memoir about her career and hard-as-nails stage mother. That book served as the inspiration for the highly successful 1959 musical, starring Ethel Merman, with popular songs including “Everything’s Coming up Roses,” “Small World,” “Let Me Entertain You” and “All I Need Is the Girl.”

The 1962 movie, starring Rosalind Russell and Natalie Wood, was a financial success with $11 million in box office and three Academy Award nominations. Russell won a Golden Globe. Bette Midler starred in a 1993 TV adaptation directed by Emile Ardolino. The musical has been revived several times on Broadway, most recently the 2008 production starring Patti LuPone as Mama Rose.

The news about STX was first reported by The Wrap.