http://www.ign.com/articles/2013/09/23/keanu-reeves-alex-winter-talk-bill-ted-3?abthid=5241b7207a5bdbb34e000008
What did happen to them?
Reeves: In the third one that’s been pitched and has been written they can’t come up with the song that’s supposed to change the world. They go on this journey to try and find the song.
How close are you guys to getting it made?
Reeves: Not very. The writer’s have a story to tell, otherwise Alex and I would not engage. But they came up with a really good story, and it’s just trying to find the dough.
Winter: It’s the wonderful world of film development. We could be making it really soon, or we could be waiting a couple of years. Look at Dumb and Dumber, that was on and off and on and off again. Because it’s not in your hands. We’re at that point now where we’re waiting on another draft and we’re number-crunching and working on line production. It could not happen at all, honestly you just don’t know. But there’s a lot of people who want to make it happen. We have great producers, but until you’re on set, you just don’t know.