'Cloud Atlas,' 'Hansel and Gretel' Push Babelsberg to a Profit
The German film studio books a slim net profit in 2011 thanks to big budget shoots.
COLOGNE, Germany - Cloud Atlas, the ambitious epic from Matrix siblings Lana and Andy Wachowski and Tom Tywker and the MGM/Paramount horror comedy Hansel and Gretel: Witch Hunters with Avengers star Jeremy Renner and Gemma Arterton helped balance the books at Germany's Studio Babelsberg, which hosted the two shoots.
The big budget productions, along with several German-language shoots, including Detlev Buck's local rom-com hit Women in Love, helped Babelsberg to an operating profit of $703,000 (€535,000) for the year. That beat the studio's own estimate. In November, Babelsberg warned investors it expected it's full year figures to dip into the red.
Things don't look as sunny for 2012. In a statement, Babelsberg said it was "pessimistic" about this year's prospects, noting that the studio has yet to land a major international production. Babelsberg blamed stronger competition from backlots in the Czech Republic, Hungary, Canada, England and Australia.