For the uninitiated, Cowboy Bebop is a popular Japanese anime series that told the story of a group of rag-tag bounty hunters or "cowboys" traveling through the cosmos in their ship, the Bebop. The 26-episode series, which was popular in Japan and in the United States, spawned a feature film that was released worldwide.
When it was announced that a live-action Cowboy Bebop movie adaptation was in the works, the overall reaction of fans was positive, especially when Keanu Reeves was attached to play Spike, the lead character. Since then, however, there has been little to no news. According to Reeves, who spoke with MTV while promoting The Private Lives of Pippa Lee, the delay is due, at least in part, to the need to retool the screenplay.
There's a draft of the script, but the writer did such a great job [that] in order to make the movie, you would need half a billion dollars. The studio kind of just went, "This movie is fantastic and it would cost half a billion dollars," so he's doing a rewrite.
When asked what other characters from the animated series might be appearing in the film, Reeves simply said, "Everyone is there."