The film version of 1980s TV series Miami Vice is in serious trouble after experiencing budget problems and less-than-stellar reviews, according to press reports. The movie stars Oscar winner Jamie Foxx and Colin Farrell and is set for its American release on July 28. The remake cost $125 million to make.

A source at Universal Pictures tells "Fox News" correspondent Roger Friedman, "And that's just what we're admitting to. It's probably more like $150 million."

Director Michael Mann has reportedly been furiously editing the film, which apparently fails to capture the spirit of the original hit series. A source adds, "Michael still has time to fix it, but not much. But he would have to pull off a miracle to make it work."

(This news article provided by World Entertainment News Network)