'Jack the Giant Slayer' Could Lose up to $140 Million for Warner Bros., Legendary
This story first appeared in the April 12 issue of The Hollywood Reporter magazine.
Warner Bros. is facing a substantial financial hit on Bryan Singer's Jack the Giant Slayer. Now four weeks into its run, the fractured fairy tale starring Nicholas Hoult and Ewan McGregor is on track to lose $125 million to $140 million for the studio and financial partner Legendary Pictures, insiders tell THR.
That would put the film midway between Universal's 2012 flop Battleship and Disney's John Carter in terms of financial damage. Legendary financed half of the production budget for Jack, minimizing the studio's loss.
Jack likely will top out at $65 million domestically and about $140 million internationally, resulting in a global total of not much more than $200 million. That's not enough to cover the film's price tag, which includes a production budget near $200 million and a worldwide marketing spend north of $100 million.
New Line, a division of Warner Bros., was counting on a strong foreign performance similar to Warners' Clash of the Titans films, but with tough competition from Disney's Oz the Great and Powerful and Paramount's G.I. Joe: Retaliation, Jack is slow overseas.
New Line can take to heart that The Hobbit: An Unexpected Journey hit $1 billion in global receipts in the first quarter, while Warners has a strong 2013 summer slate anchored by Man of Steel in the wings. Legendary financed half of the Superman reboot, along with WB's other summer pics The Hangover Part III and 300: Rise of an Empire.