Were there plans to make a Napoleon Dynamite sequel?

[Hawkee]

Napoleon Dynamite is one of my favorite movies and at the time that it was a popular movie I heard a rumor that directors Jared Hess and Jerusha Hess were gonna make a sequel to Napoleon Dynamite called Napoleon Dynamite 2 but soon the movie was never released and the only thing that was made of Napoleon Dynamite was the short lived animated cartoon series on FOX. From what I read about Napoleon Dynamite 2 is that it was supposed to be about the character Pedro Sanchez and Napoleon Dynamite's adventures that took place a few years after the first Napoleon Dynamite movie was made
Why did MTV Films and Paramount Pictures decide not to make Napoleon Dynamite 2 and will Napoleon Dynamite 2 will be made in the near future with a different storyline?
Bestie