DreamWorks Takes $87 Mil Write Down Due to Rise of the Guardians
According to a recent report by The Hollywood Reporter, DreamWorks will be taking an $87 million write-down on its 2012 box office misfire Rise of the Guardians, marking the largest write-down the studio has taken for one of its projects. The last time the studio had to take a massive write down was with 2007’s Flushed Away.
Rise of the Guardians reportedly cost around $145 million to make and has made over $302 million in the global office, which may seem like a lot of money to us but is below the studio’s previous blockbusters (such as Shrek, Kung Fu Panda, and Madagascar 3) and way below the expectations of investors and executives.
“While Rise of the Guardians did not achieve the level of box-office success that we have come to expect from a DreamWorks Animation film, we have made several changes to our future slate that we believe will position us well for the next two years,” said Jeffrey Katzenberg, chief executive of DreamWorks Animation. “We are now looking ahead to our next release—and our first under our new distribution agreement with 20th Century Fox—The Croods on March 22, 2013.”