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Posts Tagged ‘Screen Gems’

A Lion, Hobbits and Bond – oh my!

July 22nd, 2011 No comments

As summer heat scorches most of the U.S., (except, interestingly enough, Hollywood), perhaps it’s time to chill out and get caught up with stories we’ve blogged about in past months. Interestingly, in one way or another, all of today’s stories link to Metro Goldwyn Mayer. Sort of.

 

The Cat Came Back…

Proving a corporate survival rate second to none, MGM emerged from bankruptcy in late 2010 and was placed under the leadership of former Spyglass Entertainment honchos Roger Birnbaum and Gary Barber. Having successfully fended off corporate raider Carl Icahn’s attempt to take over the beleaguered studio via his one-third share in Lionsgate, as well as a semi-serious offer by Time Warner (and even some foreign tire-kicking),  MGM received debtholder approval and the bankruptcy court’s blessing to restructure its obligations, and has re-entered the movie business. Well – sort of.

As a matter of fact, MGM has a movie in the theaters right now – sort of. “Zookeeper” is a MGM film, but it is distributed by Sony under that studio’s Columbia label. MGM bought the script in a 2008 bidding war for $2 million against $3 million, and promptly set Adam Sandler’s production company, Happy Madison (HQ’d at Sony), onto the project, effectively reuniting most of their “Paul Blart: Mall Cop” production team to get “Zookeeper” made. Unfortunately, in the interim, MGM was hit with big money woes, and the film was included in a deal which gave Sony distribution rights to the next two James Bond films as well. The deal with Sony may just get the struggling studio back into regular production, but MGM’s possible future slate looks more like a ‘blast from the past,’ relying heavily on remakes of MGM properties like “Red Dawn,” “RoboCop,” “Mr. Mom” and “Poltergeist.” 

And that’s just the Halfling of it…

Another long-stalled, high-profile MGM project, “The Hobbit,” has finally begun production. Well – sort of. It’s a ‘good news, bad news’ kind of thing for MGM: MGM’s “The Hobbit,” long planned to be a pair of films directed (and co-written) by Guillermo del Toro and produced by ‘Lord of the Rings’ director Peter Jackson, ended up morphing into a giant pair of  Warner Brothers (corporate successor to New Line) 3-D movies, directed by Jackson after MGM’s money woes caused del Toro to move on (after 2 years of work) and MGM to unload its rights, retaining only broadcast TV rights. Peter Jackson has largely reunited his ‘Lord of the Rings’ principals; they support British actor Martin Freeman, who plays Bilbo Baggins. In early press, Jackson points out that these things rarely get easier: the shooting schedule for both ‘Hobbit’ movies is only 12 days less than all 3 of the ‘Lord of the Rings’ films, and the $500 million budget is 40% more than the three earlier films. The first of the two 3-D ‘Hobbit’ films, “The Hobbit: An Unexpected Journey,” is due in theaters in December, 2012. The second film, “The Hobbit: There and Back Again” is set for a year later in December, 2013.

Never say ‘Never Again’…

The other jewel in MGM’s crown (after the hard-won ‘Hobbit’ rights, which involved years of legal wrangling with Saul Zaentz) is James Bond. ‘James Bond 23,’ the as-yet-untitled next chapter in the spy series, was held up due to – what else? – MGM’s financial troubles. With the resolution of MGM’s debt situation, they are free to make the next James Bond movie. Well – sort of.

Due to a deal set up with MGM in 2004, Sony Pictures Entertainment and Sony Pictures Home Entertainment distributed all of MGM’s theatrical feature films and  home video, accordingly, including the rebooted Bond franchise’s highly-successful “Casino Royale” and “Quantum of Solace.” However, MGM exercised an option in 2006 which allowed it to transfer distribution of its product to Twentieth Century Fox Home Entertainment. This left the distribution of the next Bond movie up in the air when MGM ran out of money; now Sony has stepped in and agreed to distribute both ‘Bond 23’ and ‘Bond 24,’ in addition to co-financing both films. This solves several problems: Sony stays in the Bond business, and MGM has a partner well-versed in dealing with EON Productions, the ‘power behind the throne’ of the Bond franchise. Oscar winner Sam Mendes is set to direct, and Daniel Craig will return as James Bond. ‘James Bond 23’ has a release date of November 9, 2012.

It’s Too Darn Hot!

It is hot out there. Why not go into a nice air-conditioned movie theater? This weekend, “Captain America: The First Avenger” is the latest 3-D superhero to grace movie screens, and it should be interesting to see if he battles boy wizards as well as he does Nazis. It takes guts to go up against such tough foes… And if good versus evil isn’t your thing, check out “Friends With Benefits,” which should benefit producer Screen Gems via its clever (2-D, superhero-free) counter-programming… Sort of.

Summer Movies: And… They’re Off! (by 28%)

April 11th, 2011 3 comments

The 2011 movie season has started, albeit tepidly. This weekend’s box office was buoyed by a 3-D holiday animated film, “Hop,” which garnered about $21.5 million, but the remaining films in the top five hovered around the $11 to $12 million mark in terms of box office returns. It’s more evidence that the habits of moviegoers are changing – as a result of technological developments as well as economic instability – and the movie industry itself is undergoing a paradigm shift akin to the changes in the music business in the last decade.

Good News, Bad News…

The numbers are in, and it’s not good: the take at the movie box office is down a whopping 20% since the beginning of 2011. And, to make matters worse, that’s the good  news. The bad news? Attendance is down even more, having slipped 28% so far this year. Hollywood doesn’t seem to be helping: its sequel, prequel, remake and reboot-heavy schedule for 2011’s prime movie turf has already been lacerated by critics and fans alike. The few strongly-anticipated films can be counted on one hand – two, if you’re a superhero fanboy. Discussing the potential for this summer’s tentpole films, movie mavens Peter Guber and Peter Bart singled out the July 4th weekend-opener “Transformers: Dark of the Moon” as one of the summer’s rare sequels with real audience potential, and pointed towards J.J. Abrams’ Spielberg-tinged “Super 8” as another film with positive ‘buzz’ among distributors and moviegoers. Not so definite were the prospects for the fourth film in the ‘Pirates of the Caribbean’ series, “Pirates of the Caribbean: On Stranger Tides,” which loses franchise stars Keira Knightly and Orlando Bloom this go-round, replaced by Penelope Cruz and Ian McShane, along with Dame Judi Dench and a new director: “Chicago” helmer Rob Marshall.

Big Film, Little Film

What seems clear is that the entertainment industry is going through a great metamorphosis. And it’s not just movies, but all media ‘platforms’ in general. With few exceptions, today there are no studios making theatrical genre fare like the Universal and Warner Brothers programmers of old, or MGM‘s old-fashioned frothy romances or musicals, apart from a specialty distribution unit like Sony’s Screen Gems, which releases “Underworld” and “Resident Evil” sequels with regularity, while sneaking in a popular musical like “Burlesque’ every once in a while. But these movies are small films, basically, and Screen Gems has a firm understanding of its core audience: they are teen moviegoers who have grown up on a steady supply of vampires, werewolves and action fare, with the occasional musical (“Country Strong”) thrown in for good measure. As a result, the company has had few missteps (“Death at a Funeral” was a rare recent misfire), and has made a lot of money for its parent company. Other studios tried with specialty units, but none has had the staying power – or success – of Screen Gems.

Sony continues to make tentpole movies, of course, but they have acknowledged the need for belt-tightening – their retooling of the “Spider-Man” franchise is a perfect example: when the budget of “Spider-Man 4” passed $250 million, the studio began to think in terms of a newer, less costly take on the story – and cast “The Social Network” star Andrew Garfield as its newer, younger Peter Parker. Even a successful studio like Sony needs to deal with the realities of the present: fewer people are going to see movies in the theater, so it’s helpful for them to know who those theatergoers are and give them the movies they want to see, and it’s also important to find a way to distribute their product in every possible way to multiply potential revenue streams. Because let’s face it: when business is down 28%, it’s time to lower margins, tighten belts, and look for new ideas… The studios can implement the cutbacks – but where are they going to find new ideas?