According to The Wrap, True Detective director Cary Fukunaga has exited the remake of Stephen King's It. The split is said to be have happened due to creative differences… but this time were told some of them. With the film moving from Warner Bros to New Line recent, things began to change and now New Line is concerned about the film after the poor opening of Poltergeist.
The other two things we've heard is that Fukunaga wanted Ben Mendelsohn to play the titular clown and that he wanted to use a city in New York as a stand in for the fiction Derry from the novel. Both of these were too expensive for the studio. The offer made to Mendelsohn would have involved the actor taking too much of a pay cut, causing him to pass on the project.
It's unknown at this time whether the studio will kill the project or hire a new director… but Stephen King tweeted the following: