REPORT: Madonna's New Movie Is "Just Terrible"

After several failed attempts at acting, Madonna is trying directing with her new movie W.E. Unfortunately, rumor has it she's not much better at directing than she is at acting.

The Daily Mail is reporting that early screening audiences are calling W.E. "just terrible" (in the words of one viewer).

The movie, co-written by 52-year-old Madonna, tells the story of American socialite Wallis Simpson and her lover, Prince Edward, who abdicated the British throne for her in the late 1930s. The couple was depicted on a smaller scale in this year's Best Picture Oscar winner, The King's Speech, with Edward played by Guy Pearce.

Supposedly, W.E is visually pleasing (costumes were made by Galliano with jewelry by Cartier), but is not at the caliber of the almost $30 million it cost to make, with one source telling the Mail calling the script "so-so."

A producer, casting director and actors Ewan McGregor and Vera Farmiga have all dropped out of the movie.

W.E was supposed to premiere at the Cannes Film Festival earlier this year, but withdrew. It will now premiere at the Venice Film Festival in September.

See which bigwig producer the Mail says is tearing his hair out over the movie after the jump...