Spielbergs War of the Worlds could be most costly film ever

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Steven Spielberg's War of the Worlds looks set to be the most expensive film ever made. According to industry insiders, the film's production budget could top $120m, beating the record set by James Cameron's elephantine Titanic in 1997.

In Cameron's case, the gamble paid off. Titanic went on to earn more than $1bn at the global box office.

In the meantime director Spielberg and star Tom Cruise are believed to have cleared their schedules in order to fast track the movie into production. Backed by Paramount, he film is tentatively booked for a US release at Christmas 2005.

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