On Oct. 12 Universal Pictures and Focus Features announced that Charlie Hunnam would no longer be playing Christian Grey due to his "immersive TV schedule which is not allowing him to adequately prepare for the role."

"The filmmakers of 'Fifty Shades of Grey' and Charlie Hunnam have agreed to find another male lead given Hunnam's immersive TV schedule which is not allowing him time to adequately prepare for the role of Christian Grey," the studios said in a statement.

Reportedly the 33-year-old actor was having second thoughts about the film before the announcement was made when a rumor surfaced last week that he was trying to get out of his schedule. Now a new report by Hollywood Life claims that Universal and Focus Features are only telling a half-truth as to why Hunnam no longer wanted the role.

Besides a hectic TV schedule, Hunnam reportedly "got cold feet" because he isn't sure how well the movie will be received in theaters and didn't want his name attached to it.

"He wanted to get out of the movie because he was feeling like it would be his version of 'Showgirls' and he didn't want to be remembered for that," the source said.

It was also reported that Hunnam wasn't ready for the fame and publicity that would come along with such a high-profile gig.

"Nor is Charlie ready for the celebrity he would receive if the movie worked out," the source said. "And that with the studio execs being highly disappointed by the reaction to the casting, they wanted to start over with a clean slate."

The Hollywood Reporter was first to break the news about Hunnam's exit. It was reported that Universal was forced to hire bodyguards at the premiere of Sons of Anarchy" because of all the attention he was getting. According to The Hollywood Reporter, Hunnam didn't have reservations about the role itself but everything that came with it.

Following the announcement E.L. James tweeted her well wishes to Hunnam but this does leave the studio in a tough spot. The movie was already given a release date of Aug. 1, 2014 and now have to cast the lead male role over. This could push back the release date. There has been no word on when the new Christian Grey will be announced.

Who should play the kinky billionaire now?