Kevin Costner’s Horizon sequel pulled from release after first film flops

The second part of Kevin Costner ’s big-budget Horizon saga has been pulled from its August release date after the first film underperformed.

The first film premiered at the Cannes film festival in May to negative reviews, scoring a 48% rating on Rotten Tomatoes. The Guardian’s Peter Bradshaw called it a “handsome-looking but oddly listless” western.

Related: Horizon: An American Saga – Chapter 1 – Costner casts himself as wildly desirable cowboy

Both films, which focus on the exploration of the American west, carry a reported $100m price tag combined and after the first opened to just $11m last month, it has made less then $25m worldwide.

The August release of the second film has now been postponed “in order to give audiences a greater opportunity to discover the first installment” according to a statement given to the Hollywood Reporter .

“Kevin made this film for people who love movies and who wanted to go on a journey,” it reads. “The support that we have received from film fans, and the theater owners, as they experience the first chapter of this saga only serves to reinforce our belief in them and the films that we have made, and we thank them for coming on board for the ride. We welcome the opportunity for that window to be expanded as we know it will only serve to enhance the experience of seeing Horizon 2.”

The first film was made available to rent in the US on 16 July and will be available on Max soon. Advance tickets had already been sold for the second film with refunds now being offered. A rescheduled date has yet to be announced.

Costner is reported to have put $38m of his own money into the saga with two further films planned after the second and the third already in production. He stars alongside Sienna Miller, Sam Worthington and Luke Wilson.

“I’ve lived with movies and what happens to them on their opening weekend,” Costner said to Entertainment Weekly after the first film opened. “If we put so much pressure on that, we’re bound to be disappointed … Would I love that it would be highly, highly successful? Of course, I’d like that. My ego would like that; everyone would like that. But I am happiest that the movie that you and I are talking about looks the way I want it to look.”

The production of the films coincided with Costner’s exit from the popular Yellowstone TV universe , which he confirmed on social media after rumours circulated.