Photo: Rick Vink
Walt Disney said that the failure of its March tent pole, John Carter, would lead to as much as a $120 million loss in its film division this quarter.The Burbank, Calif., based company is expected to take a $200 million write down on the film during its second quarter, after ticket sales and ancillary revenues are all tallied.
Box Office Mojo, a unit of IMDB, said the film cost $250 million to produce, but had raked in only $53 million at the domestic box office in its first two weeks of release.
John Carter has done substantively better overseas, where it has earned $126 million since its premiere. However, the total sales figure will be split between theatre owners and international distributors who picked up the rights in overseas markets.
Disney spent an additional $100 million to market the motion picture about a Civil War veteran transplanted to Mars.
The dud leaves the company in a distant sixth-place at the domestic box office, trailing Universal, Twentieth Century Fox, Sony, Warner Brothers, and Paramount. Through mid-March, Disney has seen ticket sales in the U.S. of $155.8 million, 35.2 per cent lower than year ago results.
“As we look forward to the second half of the year, we are excited about the upcoming releases of The Avengers and Brave, which we believe have tremendous potential to drive value for the Studio and the rest of the company,” a spokesperson for the company said.
Shares in Disney were 1.0 per cent lower in after hours trading.