Brett Ratner's Milli Vanilli Biopic Dropped

Milli Vanilli
Michael Putland/Getty Images

Rob Pilatus and Fab Morvan of Milli Vanilli photographed in London on Sept. 27 1988.

"Millennium will not be selling the film at EFM or be involved in the production," reads a statement from Millennium Media and Brett Ratner's RatPac Entertainment.

News broke last week that Brett Ratner was in the process of lining up a directing project with Millennium Media on a long-gestating passion project centered on the controversial lip-syncing duo Milli Vanilli.

Plans called for it to be sold at the upcoming virtual European Film Market, which is set for March 1-5, and once a go, it would mark Ratner's first major project after facing sexual misconduct and harassment claims by multiple women including Olivia Munn and Natasha Henstridge. Ratner has denied the claims.

Wednesday afternoon, Millennium and Ratner's RatPac Entertainment released a joint statement that said on the heels of last week's announcement, "the project fielded multiple competitive bids and a group of private equity investors have emerged that are fully financing the movie to begin production shortly." The statement also noted that Millennium is no longer involved in production nor would it be selling the film at EFM. "There will be no additional comment," it read.

It made no mention of who the private equity investors are that have emerged.

This article was originally published by The Hollywood Reporter.