Poinbank Exchange|Sequel to Kevin Costner-led 'Horizon: An American Saga' has been canceled: Reports

"Horizon: An American Saga — Chapter 2,Poinbank Exchange" the second installment in Kevin Costner's Western franchise, won't be hitting theaters any time soon.

The theatrical release of "Chapter 2," which was scheduled for Aug. 16, has been canceled, New Line Cinema confirmed Wednesday to The New York Times and The Associated Press.

"Territory Pictures and New Line Cinema have decided not to release 'Horizon: Chapter 2' on Aug. 16 in order to give audiences a greater opportunity to discover the first installment of 'Horizon' over the coming weeks," a spokesperson for New Line Cinema told AP.

The film's predecessor, "Horizon: An American Saga — Chapter 1," was released on June 28. The Western drama, which starred Costner alongside Sienna Miller and Sam Worthington, has grossed $23.4 million worldwide since its release ("Chapter 1" reportedly had a budget of $100 million.)

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"Chapter 1" will be available via premium video on demand starting Tuesday, a New Line Cinema spokesperson told the Times and AP. It will also be released on streaming service Max, though a release date has not been announced.

An alternative release for "Horizon: Chapter 2" has also not been shared.

"The support that we have received from film fans and the theater owners as they experience the first chapter of this saga only serves to reinforce our belief in them and the films that we have made, and we thank them for coming on board for the ride," Territory Pictures told the Times and Variety in a statement. "We welcome the opportunity for that window to be expanded as we know it will only serve to enhance the experience of seeing 'Horizon 2.' "

USA TODAY reached out to Costner's representative for comment.

Kevin Costner talks 'foolish' multimillion investment in 'Horizon' saga

The "Horizon" franchise, a four-part film series, was developed amid Costner's drama-filled role in the Paramount Network series "Yellowstone," in which he played patriarch John Dutton through the first half of Season 5. Aside from acting, Costner directs, produces and co-writes the films.

Costner first started dreaming about the story in 1988, imagining five films. In a June interview with USA TODAY, the Oscar-winning actor said the cost of the first two "Horizon" movies required "a lot more" than the $38 million he copped to personally putting down in previous interviews.

"I try not to let it keep me up at night," Costner said at the time. "Entrepreneurially, I just figure out a way. Maybe I'm a mongoose playing with a cobra."

"I can't ignore where my heart wants to go," Costner added. "I'm not a fool, but it feels foolish. I don't honestly know why I do the things I do. I'm not hurting anybody, and it's my intention to bring a solid piece of entertainment."

Kevin Costner interview:Actor talks new 'Horizon' movie

Despite its lackluster box-office performance, "Horizon: Chapter 1" received a warm reception at the Cannes Film Festival in May. The screening ended with the crowd chanting and clapping for between 7 and 11 minutes, which brought Costner to tears.

"Such good people. Such a good moment, not just for me, but for the actors who came with me, for people who believed in me, who continued to work," Costner said, according to the Huffington Post and People magazine. "It's a funny business, and I'm so glad I found it. There's no place like here."

Contributing: Bryan Alexander and Taijuan Moorman, USA TODAY