The Man From UNCLE was supposed to be Stephen Soderbergh's next movie, but he's dropped out of the adaptation of the 1960s spy TV show. The project has been troubled for some time, with George Clooney dropping out of the lead and the director and Warner Bros unable to see eye to eye on a budget. Apparently the studio wanted to give Soderbergh just 60 million bucks to do a period spy adventure that was intended to launch a franchise.
I don't know why WB would be so goony to Soderbergh; Contagion didn't set the world on fire, but it will be profitable in the long run. The studio already picked up his stripper movie, Magic Mike. I suspect they just didn't have any faith in the project whatsoever.
The Man From UNCLE probably goes to die a slow death in development hell now.