×
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.

Popular on Variety

More Film

  • Kung Fu Panda 3

    Universal's Beijing Resort to Partner With Alibaba on Digitization

    Amid fierce controversy about the leverage China has over U.S. entertainment firms with significant mainland operations, Universal Beijing Resort and Alibaba announced a strategic partnership Thursday to digitize the forthcoming theme park in China’s capital. Facial recognition and the use of big data will be the norm at the new resort, which will use an [...]

  • They Shall Not Grow Old restoration

    Peter Jackson Documentary 'They Shall Not Grow Old' Nabs Limited China Release

    The Peter Jackson produced and directed World War I documentary “They Shall Not Grow Old” will hit Chinese theaters on November 11. Though it will roll out nationwide, it will do so via the China’s National Arthouse Alliance, which has limited screens. The 2018 documentary puts together interviews with WWI veterans and more than 100-year-old [...]

  • Zombieland Double Tap

    'Zombieland: Double Tap' Hopes to Recapture Raunchy Zombie Magic, 10 Years Later

    Audiences may have a few questions about the sequel to 2009’s hit “Zombieland,” which opens Friday. Why did it take 10 years to make a second one, after the first grossed $102.4 million worldwide on a $23 million budget, making it the third-biggest zombie movie of all time (second-biggest if you don’t count “Hotel Transylvania,” [...]

  • AMC TheatresShop signs, Los Angeles, America

    AMC Theatres Accused of Firing VP Who Complained of Gender Pay Gap

    A former vice president at AMC Theatres filed a federal lawsuit on Wednesday, accusing the company of firing her after she complained that she was paid far less than her male peers. Tonya Mangels, who was vice president of product marketing, said that in March 2018 her supervisor inadvertently sent her a spreadsheet that included [...]

  • Sir Elton John poses for photographers

    Elton John Calls 'Lion King' Remake a 'Huge Disappointment'

    Elton John isn’t feeling the love for Disney’s latest live-action remake. In an interview with GQ U.K., the legendary musician criticized Disney’s remake of “The Lion King,” citing the film’s music as a “huge disappointment.” “The new version of The Lion King was a huge disappointment to me, because I believe they messed the music [...]

  • Fiddlin'

    Film Review: 'Fiddlin''

    Not many forms of music have “old-” actually built into their name as a prefix. So it’s a given that the practitioners of the 200-year-old genre known as “old-time music” will wear their antiquity proudly in “Fiddlin’,” a documentary set in and around the 80th annual Old Fiddler’s Convention in Galax, Va. What may not [...]

  • Jonah Hill attends the press conference

    Jonah Hill Passes on Role in 'The Batman'

    After being offered a role in “The Batman,” Jonah Hill has moved on from the project. Why exactly Hill is passing is currently unknown, and insiders tell Variety that when the news was initially reported, it was very early in the negotiations and that a deal was far from closing. The news comes after Zoe [...]

More From Our Brands

Access exclusive content