Tags: dreamworks | movie | mr peabody | 57m | write-down

DreamWorks Movie 'Mr. Peabody & Sherman' Results in $57M Write-Down

Image: DreamWorks Movie 'Mr. Peabody & Sherman' Results in $57M Write-Down

Thursday, 01 May 2014 12:48 PM

By Clyde Hughes

The poor box office take for the "Mr. Peabody & Sherman" movie last month has forced DreamWorks Animation to take a $57 million write-down on the film.

The movie has made $261 million worldwide since its release on March 7, substantially below other DreamWorks movies, and the write-down contributed to the studio's reported net loss of $42.9 million on revenue of $147.2 million over the first three months of the year, The Los Angeles Times reported.

Urgent: Do You Approve Or Disapprove of President Obama's Job Performance? Vote Now in Urgent Poll

"The box office shortfall of 'Mr. Peabody & Sherman' is evidence of the current challenges we face within our feature film segment, and restoring the strength in our core business is my No. 1 priority today," DreamWorks Animation Chief Executive Jeffrey Katzenberg said in a statement.

"Our next film is 'How to Train Your Dragon 2' on June 13 ... and I am confident that its performance will put us back on track to once again reach the levels of box office success that we've achieved historically," Katzenberg added.

The first "How To Train Your Dragon" was a hit for DreamWorks in 2010, pulling in $494.8 million globally and was nominated for two Academy Awards.

DreamWorks found itself in the same position last year when it took an $87 million write-down for "Rise of the Guardians," laying off 350 people in February after the write-down news broke.

DreamWorks' 2013 "Turbo" also didn't fare well at the box office, generating $282.6 million in worldwide ticket sales.

"We made significant progress in 2013, transforming and positioning DreamWorks Animation for long-term success as a diversified family entertainment company," Katzenberg said in a statement in February. "Beyond our feature films, we plan to continue to invest in our television, consumer products, digital and location-based entertainment businesses, where we believe there are significant growth opportunities for our company going forward."

DreamWorks did hit pay dirt with "The Croods," which pulled in $587 million worldwide and "The Croods 2" is in the works for a June 2017 release, while "How to Train Your Dragon 3" is expected to open in June 2016.

Urgent: Assess Your Heart Attack Risk in Minutes. Click Here.

Related Stories:

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Will Gadd: Niagara Falls Climber Scales 'Unpredictable' Ice Wall

Friday, 30 Jan 2015 16:45 PM

Adventurer Will Gadd scaled the face of a partially frozen Niagara Falls this week, armed with ice hooks and axes and ac . . .

Cory McCloskey: Weatherman Keeps Cool as Glitch Puts Temps in the 1000s

Friday, 30 Jan 2015 15:36 PM

Cory McCloskey, a weatherman at Fox 10 in Phoenix, didn’t even break a sweat this week when his live weather map malfunc . . .

Balloonists' World Distance Record: Pair Smashes Old Milestone

Friday, 30 Jan 2015 15:16 PM

Two balloonists broke a world record Thursday for the longest distance flown in a helium balloon, surpassing the previou . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved