DreamWorks Animation SKG is taking an $87-million write-down on the failure of its holiday release Rise of the Guardians. While the film has earned $302 million worldwide, more than half that amount goes to the theaters that screened it and millions more go to promotion, marketing and distribution expenses. The film reportedly cost $145 million to make. In a statement, DreamWorks Animation chief Jeffrey Katzenberg said, 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. In a conference call, Katzenberg observed that those changes include significant layoffs, or as he put it, This means that many valuable members of the DreamWorks Animation family will be leaving the company within the year.
There's already an Oscars buzz surrounding this movie.