EuropaCorp’s Stock Tanks After Luc Besson’s ‘Valerian’ Flops at Box Office

Studio shares sank 8 percent after its sci-fi flick pulled in a mere $17 million at the domestic box office

| July 24, 2017 @ 8:38 AM Last Updated: July 24, 2017 @ 9:50 AM

French film studio EuropaCorp is licking its wounds on Monday after its stock cratered more than 8 percent following the paltry North American box-office performance of its latest release, “”Valerian and the City of a Thousand Planets.”

The sci-fi action movie cost $180 million to produce and starred heavy-hitters like Rihanna, Clive Owen and Ethan Hawke — as well as Dane DeHaan and Cara Delevingne — but only pulled in an uninspiring $17 million at the North American box office this weekend.

EuropaCorp took a beating from the performance, with its shares falling to €3.54 (about $4.12) from an opening of €3.79 for the Paris-based movie maker.

Also Read: 3 Reasons 'Valerian' Failed to Launch at the Box Office

STX Films was tapped by EuropaCorp to handle the release of “Valerian” in the U.S. after the disintegration of Relativity Media — a company with whom EuropaCorp had a joint distribution deal. EuropaCorp won’t take a big financial hit as it brought in outside investors and sold distribution rights to mitigate the cost of the big-budget movie.

Still, shareholders did not respond well to its poor performance on Monday, pushing its stock closer to its 52-week low of €3.14.

“Valerian” is set to release in more than 100 new territories in the near future — including France and the U.K. — but its timid opening in the North America and other major markets like Germany does not bode well for its prospects.

Also Read: 'Valerian and the City of a Thousand Planets' Review: Luc Besson's Loony Space Saga Is Gorgeous Nonsense

The futuristic crime-fighting movie was fifth at the cinema this weekend, trailing “Dunkirk,” “Girls Trip,” Spider-Man: Homecoming,”  and “War for the Planet of the Apes.”

EuropaCorp could’ve used anything but a flop from “Valerian,” with the company reporting a historically bad fiscal year, with nearly €120 million ($135 million) in losses.

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