What does "put in turnaround" mean?

Occasionally, there'll be news on the Movies board that a particular movie has been "put in turnaround".

This means that the studio developing the movie has decided to drop it.  This could be for any number of reasons - the studio might not want to make the movie at that budget, or it might not be a good fit with the studio's portfolio of upcoming releases, or they don't think they can make the film work, or they would just rather make other movies.

A movie being put in turnaround can be a good thing.  After languishing for years in development hell at a studio, it means the producers behind the project are free to shop it around with other studios.  Maybe they'll get it set up quickly and churn out a movie.

More often though, turnaround is a bad thing for a project.  After being dumped by one studio, there are no guarantees the project will be picked up by another one, and it can languish without active development for years.