×
You will be redirected back to your article in seconds

Viacom Takes $115 Million Write-Down for ‘Monster Trucks’

Viacom is taking a $115 million writedown to earnings for an unidentified Paramount movie, widely believed to be “Monster Trucks.”

Viacom disclosed Wednesday it was lowering its earnings forecast for the current fourth fiscal quarter ending Sept. 30 and cited “a programming impairment charge of $115 million.” It said the charge was  “related to the expected performance of an unreleased film.”

Matthew Harrigan, an analyst with Wunderlich Securities, told Variety that the write-down is probably for “Monster Trucks.”

“Monster Trucks” will open on Jan. 13, and is a live-action and CGI-animation hybrid directed by Chris Wedge. The cast includes Jane Levy, Lucas Till, Tom Lennon, Barry Pepper, Amy Ryan, Danny Glover, Holt McCallany, and Frank Whaley.

The film has been delayed several times. It was originally due to open on Dec. 25, 2015, then pushed back to March 18, 2016, and delayed again until January.

The action-comedy produced by Paramount Animation and Mary Parent’s Disruption Entertainment is estimated to carry a $100 million production budget.

Drexel Hamilton analyst Tony Wible also told Variety that the write-down is likely for “Monster Trucks.” He said that the loss “implies that Paramount will have lost about $500 million this year despite a favorable box office, home entertainment, and licensing environment.”

The studio’s best performer was “Star Trek Beyond,” which has grossed $157 million in the U.S. — well under “Star Trek Into Darkness.” Its “Teenage Mutant Ninja Turtles: Out of the Shadows” grossed only $82 million and its reboot of “Ben-Hur,” co-financed with MGM, was a flop with $26 million.

“The studio is gradually losing its major franchises, and it may be difficult to launch new ones in the increasingly competitive film slate,” Wible said. “We are lowering our future margin assumptions for the studio.”

Watch the trailer for “Monster Trucks” below.

More Film

  • Macon Blair27th Annual Gotham Independent Film

    Macon Blair to Direct and Write 'Toxic Avenger' Reboot for Legendary (EXCLUSIVE)

    Macon Blair has been tapped to write and direct Legendary’s reboot of the cult classic “The Toxic Avenger,” sources tell Variety. Legendary acquired the feature film rights in December and have quickly made the project a high priority at the studio. Lloyd Kaufman and Michael Herz of Troma Entertainment will serve as producers with Alex [...]

  • Danny Boyle Bond 25

    Danny Boyle Calls His Exit From 'Bond 25' a 'Great Shame'

    Director Danny Boyle has finally spoken out after leaving the upcoming 25th James Bond movie over creative differences. After splitting from the new 007 flick last August, Boyle told Empire in a story published on Thursday that the script he penned with his “Trainspotting” co-writer John Hodge “wasn’t finished, but it could have been really [...]

  • Film Review: 'Everybody's Everything'

    Film Review: 'Everybody's Everything'

    An elegiac documentary exploring the brief life of rapper Lil Peep, “Everybody’s Everything” certainly doesn’t lack for perspectives. Interviewing virtually everyone who knew the musician (born Gustav Ahr), directors Sebastian Jones and Ramez Silyan cover the waterfront, from Peep’s family to his girlfriends, his innumerable collaborators, his managers and his fans, trying to distill exactly [...]

  • A Brinks armored truck pulls into

    Layoffs Hit Fox After Disney Completes Deal

    Layoffs have hit Fox following the entertainment company’s sale to Disney. The staff cuts are hitting employees at the SVP, EVP, and president level. Senior staff is expected to be among the first to be impacted. However, the cuts will be deep, with the ax falling hardest of Fox’s film team. There could be as [...]

  • Emily Blunt in Talks for Inspirational

    Emily Blunt in Talks to Star in Annapurna Drama 'Not Fade Away'

    Emily Blunt is in negotiations to star in Annapurna’s inspirational drama “Not Fade Away” with David O. Russell and John Krasinski producing. The project is based on Rebecca Alexander’s 2015 memoir “Not Fade Away: A Memoir of Senses Lost and Found.” Alexander was born with a rare genetic mutation called Usher syndrome type III and [...]

  • Yalitza Aparicio as Cleo, Marco Graf

    Alfonso Cuaron's 'Roma' Nabs Nine Nominations for 6th Premios Platino

    As was widely anticipated, Alfonso Cuaron’s triple Oscar-winning “Roma” dominated the 6th Premios Platino nominations, unveiled Thursday at Hollywood’s legendary Roosevelt Hotel, the site of the very first Oscars. It snagged a total of nine nominations, including best film, director, art direction, cinematography, and acting for its two Oscar-nominated actresses, Yalitza Aparicio and Marina de [...]

  • Stephen Bruno

    Stephen Bruno Exits Netflix for Top Marketing Job at MGM

    Netflix global marketing chief Stephen Bruno has exited his post for MGM, where he has been named chief marketing officer. His departure follows that of Netflix CMO Kelly Bennett and marks a major shake-up for the streaming giant. Bruno had been with the streamer since 2014, and is known as an innovator. He joins MGM [...]

More From Our Brands

Access exclusive content