At the time, Tatum had just become a father to his daughter Everly and was working on a demanding film, with the script for del Toro's project not yet complete.
He expressed deep regret, calling himself a huge fan of del Toro and believing the film would have been exceptional.
Del Toro's Beauty and the Beast adaptation ultimately never went into production.
Tatum's latest project is Roofman, a biopic where he portrays Jeffrey Manchester, a former army ranger known for breaking into buildings by drilling through roofs.