'Wolf of Wall Street' Release Date Delayed By 3-Hour Run Time, NC-17 Material

"The Wolf of Wall Street" release date is delayed. Martin Scorsese's latest project with Leonardo DiCaprio won't be ready for its scheduled Nov. 15 release, and while this news is nothing but bad for fans of the highly anticipated film, there is also a possibility that it won't be in the race for this year's Oscars.

Paramount is now hoping for a Christmas release for the raucous movie based on the life and memoir of former broker, Jordan Belfort. Belfort was convicted of crimes relating to stock market manipulation and for founding Stratton Oakmont, a pump and dump boiler room. He served 22 months in prison and was ordered to pay back $100 million that he swindled from his clients. And while the story of Belfort, portrayed by DiCaprio is sure to be a winner, the main reason for the delay is the run time.

Scorsese's current cut of "The Wolf of Wall Street" runs over 180 minutes long, and with a run-time of over three hours the film has to be shortened. Scorsese and his editor, Thelma Schoonmaker, are currently making decisions on how exactly to shorten the length by 15 to 30 minutes. Not only is the run-time of the film too long for audiences, Scorsese needs to get the film's desired R-rating. Hitfix reported that with the current cut of the film, it "would easily yield an NC-17 rating."

Paramount, who is responsible for the film domestically, is hoping for a holiday release. If the shortening and completion of the film is concluding for a Christmas Day release, it will make the cut for awards season, more specifically the Oscars. If "The Wolf of Wall Street" is not completed for this holiday season, we may not see the film until next year.

"The Wolf of Wall Street" is not the only Paramount film facing a delayed release date. If, the film is completed for a Dec. 25 debut then the studio will push back the opening of Kenneth Branagh's "Jack Ryan" from its previously slated Christmas Day release to Jan. 17. Thus making room for the latest Scorsese-DiCaprio collaboration.

In addition to DiCaprio as Belfort, "The Wolf of Wall Street" stars also stars Matthew McConaughey, Jonah Hill, Jean Dujardin, Rob Reiner, Kyle Chandler, Margot Robbie, Jon Bernthal, Cristin Milioti, P.J. Byrne and Ethan Suplee.