The debut of Universal’s mega-budget, medieval romp “Robin Hood” at the Cannes Film Festival on Wednesday should be the season’s high-water mark for the studio, where the new leaders have been struggling to change the direction of a listing movie slate.
Alas, Marian, the moment of turnaround is not yet nigh.
At a $155 $200 million budget and with the kind of old-school promotion that feels all too familiar, “Robin Hood” is positioned to be the latest in a series of expensive, earnest projects that will yield a modest profit at best, and none at worst.
Update: According to a budget of the film obtained by TheWrap, the cost of "Robin Hood" far exceeds the number initially confirmed by executives close to the film. Instead, the budget dated 1/16/2009 demonstrates the film cost a stunning $237 million, before tax rebates. After rebates, the budget reflects the true cost to be $200 million. The documents show an additional $120 million to be spent on international prints and advertising.
A Universal Pictures spokesperson said, "We're confident that 'Robin Hood' will perform to expectations this weekend. The budget on TheWrap is outdated and inaccurate." The spokesperson declined to give further detail on the numbers.
For the studio, the combo of Ridley Scott and Russell Crowe in “Gladiator” mode feels less like a remaking of the magic of the past than a nod to a formula that has blown past its cultural expiration date.
For the new leaders of the studio, chairman Adam Fogelson, along with co-chairman Donna Langley and vice chairman Rick Finkelstein, there is little they can do about the slate they inherited. (Pictured, from left: Finkelstein, Fogelson and Langley.)
And they have privately made clear that this is the sort of moviemaking model – high risk on the downside, and not enough upside -- that they are determined to overturn.
But it will take time for them to prove that they have revamped and recast the die.
Coming on the heels of box office duds in “Green Zone” ($35 million domestic) and “Wolfman” ($62 million domestic), the year for Universal so far holds out the prospect of merely moderate wins in the months to come.
(See slideshow: "Universal's Slate of Tentpole Hopefuls.")
On the immediate horizon is the animated “Despicable Me,” the "SNL"-inspired “MacGruber” and – a bright spot – a low-cost, high-impact comedy in “Get Him to the Greek.”
Studio leaders are sticking to a no-comment public relations policy, but no matter: The ongoing anxiety of this waiting period is palpable.
“It is hard to be on the tail end of a difficult run,” acknowledged one executive. “It is hard for morale.”
The new executive team, whose new bosses in Comcast chiefs Brian Roberts and Steve Burke are spending this week in Los Angeles meeting with high-level rainmakers at CAA, WME and other talent agencies, are focusing on a new game plan.
The turnaround strategy has the studio aiming at movies that have a manageable cost and potential for a high-yield return.
