Deadline has the scoop: “Paramount Pictures said today it has yanked the sequel known as Terminator 2 from its release schedule. It had been slated for May 19, 2017, but that spot now has been taken by Baywatch. This is not exactly a huge surprise, because even though Paramount stakes out the release dates, there was no movement on the second film, after last summer’s Terminator: Genisys, with Arnold Schwarzenegger returning to his iconic role, grossed $440.6M worldwide but topped out at less than $90M domestically.
Back in 2014 — when Genisys was still 10 months from release — Paramount carved out dates for Terminator 2 and Terminator 3, the latter having been set for June 2018.
The studio had no further comment on the move. It looks like the grand plans to conclude the story line hatched by James Cameron won’t likely happen before certain rights revert back to Cameron. The director swore off involvement in completing the story arc himself after his old pals Andy Vajna and Mario Kassar bought the rights out of the Carolco bankruptcy, after Cameron told intimates he was interested in them. He moved on to Avatar, which became the biggest grossing film of all time, with three sequels set to shoot back to back to back. The relaunch of Terminator happened in a splashy deal when Megan Ellison paid over $20 million for them. She eventually relinquished control to her brother, Skydance’s David Ellison.”