Disney Loses $160 Million on 'The Lone Ranger,' But Don't Cry For Them Yet
Disney can offset its Disney losses with The Good Dinosaur, Malificent and Star Wars Episode VII.
Walt Disney has released its third quarter results, which show that Gore Verbinski's doomed blockbuster The Lone Ranger, starring Johnny Depp and Armie Hammer, has lost the company somewhere between $160 million and $190 million.
Johnny Depp [L] and Armie Hammer [R] In The Lone Ranger
Disney failed to pull in the crowds for the $250 million reboot of the classic western, despite heavy spending on a promotional campaign. Still, the company said it earned $1.85 billion in the quarter to the end of June, up from $1.83 billion last year. However, the losses from the Lone Ranger movie will show up in the next quarterly figures.
The movie, which was panned by critics, made just $29 million in the US and Canada over its first week, a figure that doesn't get close to the other major releases of the year. Iron Man 3 opened to $174 million, Despicable Me 2 pulled in $83 million, Man of Steel managed $116 million and even The Fast and Furious 6 made $97 million.
Nevertheless, Disney's chairman and chief executive, Bob Iger remained upbeat, saying: "We are confident that our strategy of creating high-quality branded content positions us well for the future. One way to rise above the din and the competition is with a big film, not just big budget, but big story, big cast, big marketing behind it."
Disney Appear To Have Lost $160 Million, Minimum, On The Lone Rangr
Iger's positive outlook is probably grounded in the knowledge that Disney has some big, big movies coming up that should make the $160 million loss on The Lone Ranger largely irrelevant.
The Good Dinosaur appears to be Disney's secret weapon. It's a shadowy animated Pixar project and is set to hit in early 2014. Little is known in terms of cast, though Bob Peterson - the director of Up and Toy Story animator - is helming the project.
And then there's Maleficent. The fantasy-thriller stars Angelina Jolie as the title character in a sort of Sleeping Beauty story, told from the perspective of the evil villain. It began filming in 2012 on a $130 million budget and is set for release on July 2, 2014.
Finally, there's J.J Abrams' continuing of the Star Wars franchise, Episode VII. It's likely to star Harrison Ford, Mark Hamill and Carrie Fisher, as well as several good looking popular actors like Ryan Gosling, probably. It hits in 2015 and could well be Disney's biggest movie for a long, long time. Perhaps its biggest ever.
The Lone Ranger Failed To Pull In The Crowds