'The Lone Ranger' to Cost Disney $160-$190M in Q4
Disney will take a write-down of $160 to $190 million in the next fiscal quarter, the company said during its earnings call on Tuesday.
"The Lone Ranger" has grossed just $175.5 million at the global box office, a pittance for a movie that cost more than $200 million to produce – and millions more to market. Though it opened in theaters in the third quarter, its main hit to the company's bottom line will not be reported until the next quarter given recent changes in reporting standards.
The marketing costs of that film still submarined profits at the company's film studio, which reporeted a 36 percent decline in profits for the third quarter on Tuesday.
Also read: Johnny Depp, Don't Shoot the Messenger for 'Lone Ranger' Flop
The movie's creative brain trust – including producer Jerry Bruckheimer and star Johnny Depp – recently upbraided critics for hurting the box office performance of the film with their unfair reviews, an assertion TheWrap's Alonso Duralde swatted down earlier on Tuesday.
"Needless to say, we're disappotend with the result of 'The Lone Ranger,'" Disney CFO Jay Rasulo told analysts.
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