WTF! SPIDERMAN 4 GETS CANCELLED FOR THOR!

Oh, what a tangled web.
Sony Pictures and Marvel Studios announced they're officially squashing "Spider-Man 4" in favor of a gritty reboot that demotes Peter Parker back to high school.

The move means that fan favorites director Sam Raimi and actor Tobey Maguire are leaving the franchise, which has grossed nearly $2.5 billion worldwide at the box office.

"Working on the 'Spider-Man' movies was the experience of a lifetime for me," Raimi said in a statement released late Monday. "While we were looking forward to doing a fourth one together, the studio and Marvel have a unique opportunity to take the franchise in a new direction, and I know they will do a terrific job."

The decision ends production on the film that was supposed to be in theaters in May 2011, but had been derailed by script revisions. Raimi reportedly told the studio that he couldn't meet the targeted release date, and Marvel Studios last week bumped up another major comic book movie, "Thor," to fill the desirable slot at the beginning of the summer movie season.

An inside source told Ain't It Cool News' Harry Knowles that fans "should collectively sigh a big sigh of relief [that 'Spider-Man 4' was killed] -- apparently the script and story were legendarily awful."

Comic book geeks, however, had a mixed reaction on the Internet: some bemoaned having to sit through another origin story; others held hope that the new movie would be better than "Spider-Man 3," which many considered a disappointment.

"No way no way no way! NOT COOL. I hope its a fake press release. God Save Tobey," posted one fan on comicbookmovie.com.

The Spider-Man reboot will be based on a script by James Vanderbilt, who wrote "Zodiac" (2007) and "The Rundown" (2003), and will feature a return to Peter Parker's high school days.

"We're very excited about the creative possibilities that come from returning to Peter's roots," Amy Pascal, co-chairman of Sony Pictures Entertainment, said in a statement.

With wire reports