The L.A. Times reports today that Jerry Bruckheimers 4th installment of the Pirates of the Caribbean movie franchise: “On Stranger Tides” has been given a budget cut.  Bruckheimer now has just over $200 million to play with, which is about 1/3 less than it cost to make “At World’s End”.

What this ultimately means for the movie’s production is less location shooting, a smaller shooting schedule and fewer effects shots.  Still, that doesn’t mean that Bruckheimer still won’t make a great pic, he just has to be more creative with what to cut from the budget.

Pirates of the Caribbean: On Stranger Tides opens in theaters on May 11, 2011

Full story from the L.A. Times can be viewed here.