If there was a movie about the creative fate of the Warner Bros. Looney Tunes film Coyote vs Acme, it might be called Filmmakers vs Studio — and it sounds like it'd be almost as interesting as the film at the heart of it.

On Friday, The Wrap released an exclusive report detailing the various twists and turns the live-action/animated hybrid Looney Tunes film Coyote vs Acme has undergone since finishing production, and it's quite a head-scratcher to say the least.

The studio declared last year that it was scrapping plans to release the film, which puzzled filmmakers and fans as it was testing well with audiences and generally received positive feedback from other insiders who saw it.

Then, when public outcry about the decision reached a fever pitch, Warner Bros. changed its mind and said the filmmakers were free to shop the film around to other studios and streamers and try to find another home for the film.

This change of heart brought a spark of hope for Looney Tunes fans, especially after one of the voice actors, Eric Bauza, posted a still from the film of Will Forte in a courtroom with Wile E. Coyote, and captioned it “See ya in 2024!! 🦊🪧🧲🧨💣💥 #CoyoteVsACME”.

But it was later revealed that Warner Bros. willingness to find Coyote vs Acme another studio came with many stringent stipulations.

According to insiders who spoke to The Wrap, Warner Bros. had a very hardball negotiation strategy — asking for around $75 to $80 million dollars from a potential buyer, and not allowing any of the interested parties to even counter the offer.

“It was a ‘take it or leave it' situation,” the piece explained, “one that the other studios didn’t even know they were entering into.”

Many key Warner Bros. executives didn't even both to see the finished film. They appeared more interested in recouping some of the losses for Coyote vs Acme with a tax write-off, from which they could make $35 to $40 million.

Why Warner Bros. is so opposed to releasing the film remains shrouded in mystery. The fact that the film was made by a previous executive regime at the studio certainly seems to be a factor. As was the precedent set by Warner Bros.' decision to shelve another high-profile film, the DC comics superhero blockbuster Batgirl, which cost $90 million to produce.

That film however supposedly had terrible reviews, but this was not the case with Coyote vs Acme.

Warner Bros.' only public explanation they have given for abandoning the project is the studio's changing “global strategy to focus on theatrical releases.” But one of the studios interested in buying the film, Paramount, included a theatrical component in its purchase offer, so even this explanation is puzzling.

Now the consensus is that Warner Bros. Discovery may be trying to save face by not publicly announcing that Coyote vs Acme is dead, but instead is just running out the clock on potential offers.

As The Wrap concludes, “with the #SaveCoyoteVsAcme hashtag still present on social media, it feels like the end of the line for Coyote and all of his ‘Looney Tunes' friends.”

The article adds, “And barring a similar outpouring of support or without a big offer in the next few days, that-that-that’ll be all folks.”

It's hard to believe that such a high-profile project with well-established IP would just be unceremoniously halted like this — especially when the previous Looney Tunes feature, Space Jam: A New Legacy, was released despite negative reviews — but it seems the fate of Warner Bros. Discovery's Coyote vs Acme might soon be sealed once and for all.