Walt Disney Studio's Chairman Fired After John Carter Failure

Rich Ross, chairman of Walt Disney Company's film unit, resigned following the company's $200 million loss on "John Carter," possibly the biggest ever for a single movie. The movie will lead to a quarterly loss of as much as $120 million for the studio, the first since Ross succeeded Dick Cook as chairman. "I don't know that anybody is shocked. 'John Carter' was a debacle and probably the last straw," said Wedge Partners analyst Martin Pyykkonen, citing past disappointments including "Mars Needs Moms," which grossed $39 million globally on a $150 million budget. Disney ranks seventh among studios in 2012 domestic ticket sales with $186.7 million. "John Carter," made for about $250 million, generated $269.4 million in worldwide ticket sales, a sum shared with theater owners. "The film went over budget and was poorly marketed," added Pyykkonen. Meanwhile, the studio will release "The Avengers" on May 4th. The film cost $220 million and will likely not have any trouble becoming profitable.
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