Guggenheim Pulls Out of Justin Bieber 3D Movie Deal

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Director Davis Guggenheim has bailed out of a pretty sweet deal directing Justin Bieber's 3D concert film for Paramount Pictures,  just two days after signing on.

The An Inconvenient Truth director's "official" reason for dropping out was that he will be too busy promoting Waiting for Superman scheduled for release this fall.

Although scheduling could be a potential problem, there is much speculation that Guggenheim simply wasn't aware of the ribbing he was going to get all over the internet for taking on the Bieber project.

Currently the number one viewed recording artist on YouTube, film execs are eager to ride the coattails of the teen heartthrob's success.  The as-yet-to-be-titled film is expected to be released Valentine's Day weekend 2011.

Paramount has begun the process of replacing Guggenheim and is currently interviewing directors.

photos/WENN