The National Geographic Channel announced today it is no longer moving forward with a scripted TV series based on the 2012 action film Act of Valor. Here's what the network had to say in a brief statement.

"NGC is unfortunately not moving forward with Act of Valor in favor of other scripted projects we have under consideration that will be announced soon."

The series was first announced in September 2012, when Relativity Media and the Bandito Brothers production company revealed they were developing the movie for the small screen. National Geographic Channel gave the series a green light in October, although creative differences reportedly arose between Relativity and the Bandito Brothers.

The network had a formalized deal in place with Relativity, but the studio had no formal agreement with the Bandito Brothers. In the months that followed, the network, studio and production company all had differing ideas of how the show should be crafted. A deal was never reached with the Bandito Brothers, causing the project to be scrapped.

Act of Valor, which marked the feature directorial debut of Scott Waugh (Need for Speed), starred a group of active-duty Navy SEALS, alongside actors such as Roselyn Sanchez, Alex Veadov, Jason Cottle and Nestor Serrano. The plot, which was based on an actual Navy SEAL mission, followed the SEAL team as they try to rescue a kidnapped CIA operative. The movie grossed over $81 million worldwide, from just a $12 million production budget. Relativity Media is also developing a theatrical sequel to Act of Valor, which we reported in August will be directed by Scott Wiper.