Official: Disney's 'Lone Ranger' Sets May 31, 2013 Release Date

Johnny Depp - 64th Annual Cannes Film Festival  - P - 2011
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UPDATED: THR first detailed how the movie’s creatives agreed to reduce their fees; Disney also pushes back "Thor 2" from summer 2013 to Nov. 15, 2013, "Phineas and Ferb" takes "Thor's" old slot of July 26, 2013.

It's official: Disney's Lone Ranger has set a May 31, 2013 release date, The Hollywood Reporter has confirmed.

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Budget negotiations caused the film to miss its original autumn start date.

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But the Western, which was originally budgeted at $250 million, has been cut down to $215 million. As THR first reported, the creatives involved will reduce their fees: no $20 million for Johnny Depp, no $10 million apiece for producer Jerry Bruckheimer and director Gore Verbinski, as is their norm on tentpoles.

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A source also says the filmmakers will sacrifice their back-end participation if the film comes in over budget, a significant incentive to run a tight ship.

The studio tells THR in a statement: "Johnny Depp, Jerry Bruckheimer and Gore Verbinski are such a talented combination and we're thrilled to get back to work with them on The Lone Ranger, an original and exciting new Disney adventure."

Disney also announced that Thor 2 will be moved to Nov. 15, 2013 from July 26, 2013, and Phineas and Ferb will hit theaters on July 26, 2013.