Viacom International Media Networks (VIMN) will no longer pursue the controversial Nickelodeon theme park in Palawan.

In a statement released Tuesday, Viacom said it has reached an agreement with Coral World Park to discontinue the licensing agreement for the theme park.

"Viacom International Media Networks (VIMN) has mutually agreed with Coral World Park to discontinue the IP licensing agreement for the Nickelodeon-branded attraction and resort that was intended to be part of Coral World Park’s planned development in the western Philippine province of Palawan."

"Therefore, VIMN and Nickelodeon will no longer be involved with this proposed development. We wish Coral World Park well," VIMN also said.

The project, which was announced earlier this year, was met by criticisms from environmentalists and other groups, noting that the project could destroy the area's marine ecosystem.