A major box office bomb will spell hefty losses for Disney (DIS).
Audiences pointedly avoided the media giant’s remake of the classic TV show The Lone Ranger this summer. In its opening weekend, the film generated just $29 million in North American ticket sales, Reuters notes.
The poor performance will cost Disney between $160 million and $190 million in losses during the current quarter, the company’s CFO said on Tuesday.
Starring Johnny Depp, The Lone Ranger was just one of a number of big-budget blockbusters that failed to attract audiences this summer, including Sony‘s (SNE) disappointing $130 million Will Smith flop, After Earth.
Disney reported that during the June quarter, its film studio’s operating income fell 36%. Despite that, the company posted a quarterly profit of $1.85 billion. Adjusted EPS came in at $1.03, topping the $1.01 that Wall Street had forecast.
Shares of Disney fell almost 2% in Wednesday pre-market trading.