They may have abandoned the license. It happened before. They had the Green Lantern license. I think Howard Chan once said in an interview that it is a business decision. If they see that they'd not make money and there are more rewarding projects to pursue, they would have no choice but to abandon a license. Even though they already secured it and previewed it. He even mentioned his team already worked out the kinks to make Reynold's CGI suit light up/glow impressively on 1/6 scale. But later it didn't make sense anymore to produce them. Because the movie tanked and they had better things to allocate company resources.
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