Lionsgate: 'Now You See Me' Sequel in the Works
The mini-studio confirmed a second movie is being planned after international box office grosses for the summer sleeper hit surpassed its domestic take.
TORONTO -- Lionsgate is working on a sequel to the Summit Entertainment hit movie Now You See Me.
As the magician heist film continues to outperform more pricey tentpoles at the international box office, Lionsgate CEO Jon Feltheimer told analysts Friday that production on the sequel is penciled in for 2014.
Feltheimer predicted Louis Leterrier's caper-thriller will reach the $275 million mark in worldwide box office grosses.
Now You See Me has so far pulled in $115.6 million since its Memorial Day weekend debut and $119.3 million at the international box office to date.
Internationally, the sleeper hit has yet to open in China, Australia and Japan.
The mid-price comedy thriller sees Jesse Eisenberg, Isla Fisher, Dave Franco and Woody Harrelson playing gifted magicians drawn into a bank robbery.
Lionsgate is projecting that the international take for the Summit film will exceed $150 million.
The mini-studio isn't indicating yet whether a screenwriter has been attached to the Now You See Me sequel.
Lionsgate also touted foreign pre-sales for Now You See Me, which could prove highly profitable, given the original film cost $75 million to produce.
"This is a perfect example of how we're benefiting from the unique international infrastructure of output deals, joint ventures and self-distribution we've set in place to maximize value and minimize risk," Feltheimer told analysts during a morning call on Friday, after the release of Lionsgate's latest financial results late Thursday.
In Russia, for example, where Lionsgate licensed Now You See Me to West Company as part of an existing output deal, the Summit pic has brought in $20 million in box office so far.
In Latin America, by contrast, Lionsgate distributed Now You See Me through its IDC joint venture, a partnership between Summit and NuVision founder Pedro Rodriguez.
"The film will gross nearly $25 million at the box office and will generate a profit more than three times greater than had we sold it for a minimum guarantee," Feltheimer said.
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