Paris – Luc Besson’s EuropaCorp has posted record losses of 119.9 million euros ($135 million) during the fiscal year ending March 31, driven by a series of English-language flops and its costly U.S. distribution operations.
The 17-year-old film studio released its financial results Wednesday, just weeks before the opening of its enormously expensive sci-fi thriller “Valerian and the City of a Thousand Planets,” which EuropaCorp desperately needs to be a hit.
The company said that this year’s losses – more than triple the $44-million loss it posted in 2010 – were due to the under-performance of its U.S. slate. The studio cited the poor showing of “9 Lives,” “Shut In,” “Miss Sloane” and “The Circle.”
The banner distributed those films in the U.S. via Red, its joint venture with Relativity Media, and said it spent more than 100 million euros in P&A costs that were not fully recouped.
Although EuropaCorp didn’t mention Relativity in its financial release, the...
The 17-year-old film studio released its financial results Wednesday, just weeks before the opening of its enormously expensive sci-fi thriller “Valerian and the City of a Thousand Planets,” which EuropaCorp desperately needs to be a hit.
The company said that this year’s losses – more than triple the $44-million loss it posted in 2010 – were due to the under-performance of its U.S. slate. The studio cited the poor showing of “9 Lives,” “Shut In,” “Miss Sloane” and “The Circle.”
The banner distributed those films in the U.S. via Red, its joint venture with Relativity Media, and said it spent more than 100 million euros in P&A costs that were not fully recouped.
Although EuropaCorp didn’t mention Relativity in its financial release, the...
- 6/28/2017
- by Elsa Keslassy
- Variety - Film News
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