STX Entertainment has pushed the release date of its Dave Bautista-led action comedy “My Spy” to 2020, an individual with knowledge of the film told TheWrap. The film was initially scheduled to hit theaters August 23.
STX declined to comment for this story.
Insiders at the studio, however, have said they love the film and have every confidence in the movie, and expect to announce a date soon.
The film, starring Chloe Coleman (“Big Little Lies”) opposite Bautista, follows a hardened CIA operative who finds himself at the mercy of a precocious 9-year-old girl (Coleman) after being sent undercover to spy on her family.
Initially “My Spy” was set up to come a little more than a month after “Stuber,” which Bautista also stars in alongside Kumail Nanjiani. The studio, which had a recent string of underperforming films at the box office, was likely hoping to build off the hype of “Stuber,” but it could be that releasing a similar film some seven weeks removed could over-saturate the market.
TheWrap previously reported that STX Entertainment could be looking to merge, raise capital or find a buyer following its recent string of box office disappointments and the scuttling of a planned IPO last fall.
“We are fortunate to have the resources, strategic vision and support of our Board and financial partners as we raise additional capital to finance potential acquisitions and other opportunities to significantly expand the company’s capabilities,” STX Chief Financial Officer Andy Warren told TheWrap at the time. “It’s unfortunate that those who are unaware of our actual plans would be trying so hard to dismiss them.”
The studio raised $100 million in March from its existing investors, but multiple individuals said STX has burned through that cash even while seeking to reduce expenses, including shifting two top executives to consulting roles in the last two months: former Chief Content Officer Oren Aviv and Chief Operating Officer Thomas McGrath.
STX’s most recent release, “Poms,” grossed $13.6 million at the box office in May in a distribution deal with producer eOne. And another spring release, “Best of Enemies” starring Taraji P. Henson and Sam Rockwell, took in just $10.2 million on a $10 million production budget.
Perhaps the most painful misstep came with the May release of star-studded animated feature “UglyDolls,” which cost roughly $95 million between production and marketing spend and brand tie-ins and brought in only $26.4 million worldwide.
Looking ahead, STX still has another toy-based animated film in “Playmobil: The Movie,” a star-studded strippers-get-savvy comedy called “Hustlers” and the anticipated Chadwick Boseman cop drama “21 Bridges.”