Universal cuts costs and puts JURASSIC PARK 4 aka “More Dinosaurs Chasing and Eating Idiots” sequel “on hold”.

Despite Steven Spielberg’s desire to wring more bucks out of the moldy CGI staple via novelist Michael Crichton, Universal took a long hard look at the soaring budget.

The 3rd sequel to be directed by Colin Trevorrow, was slated to begin production June 24 for a projected release date of summer 2014.

But today, the studio put the brakes on the project, deciding it needed more time for “development’, The Hollywood Reporter said.

“In coordination with filmmakers, Universal has decided to release Jurassic Park 4 at a later date giving the studio and filmmakers adequate time to bring audiences the best possible version of the fourth installment in Universal’s beloved franchise,” the studio PR flack said via prepared statement.

Meanwhile the problem is said to be the script not the soaring coat of creating special visual effects pixel by pixel at a cost of millions per second of screen time.

Ain’t It Cool News reported several tweets, since deleted, commenting on the impending shutdown. “Hollywood makes and crushes dreams. Goodbye JP4,” tweeted Todd Smoyer, who is said to be a digital asset manager for the prehistoric tentpole.

Don’t worry sequel fans, there’s another “Fast & Furious” in the works.