This blurb on Weird Al's wikipedia page:
On January 25, 2010, Yankovic announced that he had signed a production deal with Warner Bros. to write and direct a live-action feature film for Cartoon Network. Although Yankovic previously wrote the script for UHF, this was to be the first movie Yankovic directed. Yankovic stated that he would not be starring in the movie, as Cartoon Network wanted a younger protagonist. During an interview on Comedy Death-Ray Radio, Yankovic revealed that though Cartoon Network "loved" his script, the network decided that they were no longer intending to produce feature films. Yankovic initially stated that he would instead shop the script around to other potential studios, but in 2013 revealed that the project had been scrapped as "it was really geared for Cartoon Network" and that he had "cannibalized jokes from that script to use for other projects."
So sad.....we might've gotten another cult classic ala UHF.