20 October 2008 5:07 AM, PDT | WENN | See recent WENN news »

The two planned sequels to hit movie The Golden Compass have become Hollywood's first major victims of the current economic crisis - production on the movies has been put on hold indefinitely.

The Golden Compass, which starred Nicole Kidman and Daniel Craig, was the first of author Philip Pullman's His Dark Materials fantasy trilogy to be adapted for the big screen.

Two further films based on Pullman's novels - The Subtle Knife and The Amber Spyglass - were due to be made following the box office success of The Golden Compass - but plans have stalled as a result of the present downturn in the international economy.

Eva Green, who was cast by director Chris Weitz as witch-queen Serafina, says, "At the moment it's quite dead."

The Golden Compass had a budget of $180 million (GBP104 million) - making it one of New Line studio's most expensive projects to date.

It has grossed more than $370 million (GBP213.8 million) worldwide since its December 2007 release.

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