A new version, running 111 minutes, has been restored by Universal and debuted at the Telluride Film Festival in September 1998. This version has been re-edited according to Orson Welles' original vision, as outlined in a 58-page memo that the director wrote to Universal studio head Edward Muhl in 1957, after Muhl took editing out of Welles' hands. The new version has been prepared by editor by Walter Murch, sound recordists Bill Varney, Peter Reale and Murch, and picture restorer Bob O'Neil under the supervision of Rick Schmidlin and film critic Jonathan Rosenbaum. One difference between the two versions is that the famous opening tracking shot is now devoid of credits and Henry Mancini's music, featuring only sound effects.
Originally released at 95 minutes, the 1975 alternate version ran 108 minutes and included additional footage shot by Welles in 1957, and deleted most of the footage shot by Harry Keller in 1957.
The 1998 restoration is often called the "Director's Cut," which it is not. Welles original cut was done immediately after filming was completed. This cut no longer exists. Universal then cut the film and when shown THIS version, Welles composed his 57-page memo. So the 98 cut was restored to Orson's intentions, but there is no way of knowning if this would have been his Director's cut. Also, see aspect ratio argument in Trivia section.