“Now You See Me” director Louis Leterrier has exited Sony’s shark attack movie “In the Deep,” multiple individuals familiar with the project have told TheWrap.

Leterrier signed on to direct “In the Deep” back when Michael De Luca was co-president of production at Columbia Pictures. His exit stems from the recent regime change at Sony and the fact that the budget for “In the Deep” was recently reduced, while other key creative elements changed during development. According to insiders, it was no longer the film Leterrier has signed up for.

A representative for Sony did not immediately respond to a request for comment.

“In the Deep” boasts a Black List script by Anthony Jaswinski. The story follows a surfer who is attacked by a shark and stranded 20 yards offshore on a buoy as it circles her like prey. She must find a way back to dry land before she succumbs to her injuries.

Lynn Harris and Matti Leshem are producing the elevated genre film for Weimaraner Republic Pictures.

Leterrier is still in business with Sony, which will release his upcoming Sacha Baron Cohen spy comedy “Grimsby.” He previously directed the first two movies in the “Transporter” franchise, as well as the sleeper hit “Now You See Me.”