As does happen from time to time in Hollywood, Gypsy, the film adaptation of the famed musical, has been dropped by Universal Pictures. The movie, starring Barbra Streisand in the role of Momma Rose, must now find another backer.

Plans are still all squared away for the film as producer Joel Silver (The Matrix) has already brought on board Robert Luketic (Legally Blonde) to direct the Julian Fellowes (Gosford Park) script.

The film is based on the 1959 broadway musical of the same name. It follows Momma Rose and her ambitions of raising her two daughters to become entertainment stars.

Arthur Laurents, who wrote the original script, and lyricist Stephen Sondheim gave their blessings prior to Laurents’ death back in 2011.

There isn’t a definitive reason why Universal backed out, but following the dismal financial success of their latest Steve Jobs, perhaps they are pushing films with broader commercial appeal.

Universal’s upcoming musical slate consists of a Mamma Mia! sequel (the original starring Meryl Streep did well at the box office), the third installment of Pitch Perfect, and the hopeful Wicked screen adaptation which is still trying to get off the ground.

This wouldn’t be the first time Gypsy has made its way to the big screen. 1962 saw the first feature film adaptation of the musical, starring Natalie Wood and Rosalind Russell as Rose, which won her a Golden Globe. Bette Midler also won a Golden Globe for her performance as Rose in 1993’s made-for-TV version.

This would be Streisand’s first acting gig since 2012’s The Guilt Trip with Seth Rogen.