Co-star Brendan Fraser added that he thought he was "getting punked" by the news of "Batgirl" being canceled.
Warner Bros. Discovery CEO David Zaslav "made a very bold and courageous decision to cancel it," Safran said.
The company is taking between $3.2-$4.3 billion in restructuring charges.
The Warner Bros. DC film was scrapped in August 2022.
Aquino was poised to be the first trans actor in a live-action DC movie.
Warner Bros. Discovery CEO David Zaslav continues to kill other people's darlings in an effort to find $3 billion in savings. The staggering "Batgirl" shelving leads a growing list.
"Batman: Caped Crusader" is not another "Batgirl," but it's another financially motivated decision at a company that desperately needs to make a lot of good ones.
"We were like, 'Fucking shit! All the scenes with Batman in them! Shit!" co-director Adil El Arbi recalled of discovering they currently have no access to the canceled movie.
Yelling "that's a wrap" doesn't guarantee that a movie will be screened for audiences.
Composer Natalie Holt had worked on the original score for over a year, culminating in hours of original music for the scrapped DC film.
"How do you make a cheap-looking $90 million movie?" Smith slammed Warner Bros. Discovery over the "baffling" decision to scrap the DC feature.
This isn't the first time that HBO scrapped the work of its creators, but filmmakers should view all studio experiments with caution.
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