The ‘Flush’ brush-off

D'Works takes writedown on Aardman pic

DreamWorks Animation said Wednesday it will likely take an unspecified write-down in the fourth quarter on “Flushed Away,” the Aardman Animation pic that opened early this month.

The film has taken in about $40 million since its unimpressive bow. Studio said it cost $149 million. It still awaits release in some foreign markets, including the U.K. and France.

In a filing with the Securities and Exchange Commission, DreamWorks said it “is currently unable to predict the ultimate amount of the writedown, which could be material.”

Wall Street analysts see a number anywhere from $45 million to $90 million.

Daily Variety reported earlier this week that the five-picture deal between DreamWorks and Aardman, of “Wallace & Gromit” and “Chicken Run” fame, could be history, and the Brit producers might seek a new distributor for their next pic, “Crood Awakening.”

DreamWorks is expected to have better luck with its upcoming pics, including “Shrek 3,” “Bee Movie,” “Kung Fu Panda” and “Madagascar 2.”

Separately, DreamWorks formally filed to sell 11.58 million shares in a secondary offering that investor Paul Allen triggered last month. The company said the offering would be for up to $330 million worth of stock.

Anticipation of the sale, which will flood the market with DreamWorks shares, has kept a lid on the stock price.

DreamWorks shares closed Wednesday down 1.06% to $27.91.

More Film

  • Touch Me Not

    Golden Bear Winner Adina Pintilie on Exploring Intimacy in 'Touch Me Not'

    DreamWorks Animation said Wednesday it will likely take an unspecified write-down in the fourth quarter on “Flushed Away,” the Aardman Animation pic that opened early this month. The film has taken in about $40 million since its unimpressive bow. Studio said it cost $149 million. It still awaits release in some foreign markets, including the […]

  • Harvey Weinstein arrested

    Harvey Weinstein Charged With Rape and Other Sex Crimes, Barred From Travel

    DreamWorks Animation said Wednesday it will likely take an unspecified write-down in the fourth quarter on “Flushed Away,” the Aardman Animation pic that opened early this month. The film has taken in about $40 million since its unimpressive bow. Studio said it cost $149 million. It still awaits release in some foreign markets, including the […]

  • James Bond Skyfall

    Universal Wins International Rights to James Bond 25

    DreamWorks Animation said Wednesday it will likely take an unspecified write-down in the fourth quarter on “Flushed Away,” the Aardman Animation pic that opened early this month. The film has taken in about $40 million since its unimpressive bow. Studio said it cost $149 million. It still awaits release in some foreign markets, including the […]

  • In 'That Summer,' the Stars of

    In 'That Summer,' the Stars of 'Grey Gardens' Look More Unhinged Than Ever

    DreamWorks Animation said Wednesday it will likely take an unspecified write-down in the fourth quarter on “Flushed Away,” the Aardman Animation pic that opened early this month. The film has taken in about $40 million since its unimpressive bow. Studio said it cost $149 million. It still awaits release in some foreign markets, including the […]

  • Alice Eve's Comedy 'Bees Make Honey'

    Film News Roundup: Alice Eve's Comedy 'Bees Make Honey' Set for July Release

    DreamWorks Animation said Wednesday it will likely take an unspecified write-down in the fourth quarter on “Flushed Away,” the Aardman Animation pic that opened early this month. The film has taken in about $40 million since its unimpressive bow. Studio said it cost $149 million. It still awaits release in some foreign markets, including the […]

More From Our Brands

Access exclusive content