×
You will be redirected back to your article in seconds

Fox Studios Australia losing money, value

Entertainment areas performing below expectations

SYDNEY — Despite its soundstages hosting high-profile films like “Mission: Impossible 2,” “The Matrix,” “Moulin Rouge” and upcoming “Star Wars” prequels and “Matrix” sequels, Rupert Murdoch’s year-old Fox Studios Australia is losing both money and value.

While the complex cost News Corp. and joint venture partner Lend Lease A$430 million ($253 million),Lend Lease’s latest independent valuation says it’s now worth just $120 million.

Lend Lease has already written down the value of its investment by nearly $24 million while News Corp. has written down its share by $39 million; trading losses for the year are thought to be about $14 million.

While the studio’s soundstages are busy, Fox reps always warned that the complex would rely on public entertainment activities, including cinemas, eateries and studio tours, to generate profits. But according to Lend Lease, the complex’s public entertainment areas are performing “well below expectations.”

“I think it’s an excellent facility,” Murdoch told reporters. “We’re aware of the shortcomings, and we’re spending a lot to put it right.”

More Biz

  • Beverly Hilton Wanda Group Hotels Battle

    China’s Wanda Sells Prominent Beverly Hills Property

    SYDNEY — Despite its soundstages hosting high-profile films like “Mission: Impossible 2,” “The Matrix,” “Moulin Rouge” and upcoming “Star Wars” prequels and “Matrix” sequels, Rupert Murdoch’s year-old Fox Studios Australia is losing both money and value. While the complex cost News Corp. and joint venture partner Lend Lease A$430 million ($253 million),Lend Lease’s latest independent […]

  • Fairfax Media signage outside the Fairfax

    Australia's Fairfax Media Shareholders Approve Nine Entertainment Takeover

    SYDNEY — Despite its soundstages hosting high-profile films like “Mission: Impossible 2,” “The Matrix,” “Moulin Rouge” and upcoming “Star Wars” prequels and “Matrix” sequels, Rupert Murdoch’s year-old Fox Studios Australia is losing both money and value. While the complex cost News Corp. and joint venture partner Lend Lease A$430 million ($253 million),Lend Lease’s latest independent […]

  • STAR WARS-THEMED LAND MODEL AT D23

    John Williams to Compose New 'Star Wars' Music for Disney Parks Attractions

    SYDNEY — Despite its soundstages hosting high-profile films like “Mission: Impossible 2,” “The Matrix,” “Moulin Rouge” and upcoming “Star Wars” prequels and “Matrix” sequels, Rupert Murdoch’s year-old Fox Studios Australia is losing both money and value. While the complex cost News Corp. and joint venture partner Lend Lease A$430 million ($253 million),Lend Lease’s latest independent […]

  • Fox Sports NFL Sunday

    AT&T Sets Broad Carriage Renewal Pact With Fox Networks Group

    SYDNEY — Despite its soundstages hosting high-profile films like “Mission: Impossible 2,” “The Matrix,” “Moulin Rouge” and upcoming “Star Wars” prequels and “Matrix” sequels, Rupert Murdoch’s year-old Fox Studios Australia is losing both money and value. While the complex cost News Corp. and joint venture partner Lend Lease A$430 million ($253 million),Lend Lease’s latest independent […]

  • President Donald Trump talks with Gov.-elect

    Trump Says He'll Work With California to Aid Wildfire Relief

    SYDNEY — Despite its soundstages hosting high-profile films like “Mission: Impossible 2,” “The Matrix,” “Moulin Rouge” and upcoming “Star Wars” prequels and “Matrix” sequels, Rupert Murdoch’s year-old Fox Studios Australia is losing both money and value. While the complex cost News Corp. and joint venture partner Lend Lease A$430 million ($253 million),Lend Lease’s latest independent […]

  • church set Westworld Paramount Ranch Western

    Park Service Aims to Rebuild Western Town at Paramount Ranch in Two Years

    SYDNEY — Despite its soundstages hosting high-profile films like “Mission: Impossible 2,” “The Matrix,” “Moulin Rouge” and upcoming “Star Wars” prequels and “Matrix” sequels, Rupert Murdoch’s year-old Fox Studios Australia is losing both money and value. While the complex cost News Corp. and joint venture partner Lend Lease A$430 million ($253 million),Lend Lease’s latest independent […]

  • Jim Acosta Microphone Moment

    First They Came For Acosta. Why We Sued Trump Before He Acts Again (Opinion)

    SYDNEY — Despite its soundstages hosting high-profile films like “Mission: Impossible 2,” “The Matrix,” “Moulin Rouge” and upcoming “Star Wars” prequels and “Matrix” sequels, Rupert Murdoch’s year-old Fox Studios Australia is losing both money and value. While the complex cost News Corp. and joint venture partner Lend Lease A$430 million ($253 million),Lend Lease’s latest independent […]

More From Our Brands

Access exclusive content