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The Disney film studio announced Tuesday that it will delay the release of "Pirates of the Caribbean 5," which stars Johnny Depp as his famous pirate character, from its original July 10, 2015, release date.

The film industry website Deadline.com cited the need for more time for the screenplay and the availability of Depp, who is starring in "Into the Woods" and "Alice in Wonderland 2." The report said the film would hit theaters in the summer of 2016.

"Like audiences around the globe, we have high expectations for Jack Sparrow's next adventure and we want to have all the right elements in place," Disney production president Sean Bailey told the website. "We're not there yet and we want to make sure this project is everything these wonderful characters and, of course, the fans deserve."

The Hollywood Reporter stated that production on the film will still begin in the fall.

The announcement comes in the aftermath of Depp's starring role as Tonto in "The Lone Ranger," which failed spectacularly for Disney at the box office this summer.

The first four films "Pirates" films grossed a combined $3.7 billion, with 2011's installment, "On Stranger Tides," crossing the $1 billion mark.

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By Bryan Alexander, USA TODAY