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The partnership is best known for its successes with the “Pirates of the Caribbean” series and “National Treasure,” as well as action films “Pearl Harbor” and “Armageddon.” But, they also share notable failures with films such as “Prince of Persia,” “The Sorcerer’s Apprentice,” and their latest film, “The Lone Ranger.”

Bruckheimer’s future at Disney had been up in the air for a while after “The Lone Ranger” tanked at the box office. The film cost $250 million to make, but only brought in $89 million in domestic box offices.

However, both Bruckheimer and Disney said that “The Lone Ranger” was not the reason for the split.

“This is about a long-term relationship with lots of pluses and minuses,” Walt Disney Studios Chairman Alan Horn told The Hollywood Reporter in an email. “’The Lone Ranger’ certainly didn't help things, but we all have our wins and our losses, and this is an overall thing related to the company's supply of projects from all these other places.”

Disney has, instead, decided to concentrate on properties such as Disney, Marvel, Pixar, and the newly acquired LucasFilm. On the other hand, Bruckheimer has said he wants to focus on making more diverse and mature films in the future, returning to the style that brought audiences “Top Gun,” “The Rock,” and “Flashdance.”

“It's time for us to tackle all kinds of movies, not just Disney movies," Bruckheimer told The Hollywood Reporter.

Bruckheimer added that he and the studio will still be working on a fifth installment of the “Pirates of the Caribbean” series, and possibly a third “National Treasure” film before they part ways. Bruckheimer’s first-look production deal with Disney expires in 2014.

In his email to The Hollywood Reporter, Horn said of Disney's longtime relationship with Bruckheimer:

“Jerry is one of the most respected and prolific producers working in the motion picture industry, and we have had an incredibly successful collaboration over the past two decades. He is a friend to many of us here at Disney. We will continue to work together in the future, and we look forward to seeing more of the films that have made Jerry Bruckheimer a Hollywood legend.”

Reach Staff Reporter Alex Reed here.