I found this on Scifi.com:
Arnold Schwarzenegger told SCI FI Wire that writer/director John Milius is working on a new draft of the proposed King Conan sequel to Conan the Barbarian. "I just had a cigar with him the other day," Schwarzenegger said in an interview. "He's rewriting it as we speak, because he has written it, and it was a 168-page script."
Schwarzenegger said it was the advice of the Matrix creators, the Wachowski brothers, that prompted Milius to cut his script down. "One of the Wachowski brothers called and told him the script would take too much time and be a three-and-a-half-hour movie, [that] he should cut it down to 120 pages and take certain things out. And that's what he's doing right now."
There is no finish date in sight yet for the script. "As you know, with John, things take time," Schwarzenegger said. "He's not the quickest guy in town."
Arnold Schwarzenegger told SCI FI Wire that writer/director John Milius is working on a new draft of the proposed King Conan sequel to Conan the Barbarian. "I just had a cigar with him the other day," Schwarzenegger said in an interview. "He's rewriting it as we speak, because he has written it, and it was a 168-page script."
Schwarzenegger said it was the advice of the Matrix creators, the Wachowski brothers, that prompted Milius to cut his script down. "One of the Wachowski brothers called and told him the script would take too much time and be a three-and-a-half-hour movie, [that] he should cut it down to 120 pages and take certain things out. And that's what he's doing right now."
There is no finish date in sight yet for the script. "As you know, with John, things take time," Schwarzenegger said. "He's not the quickest guy in town."

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