If only MacGyver could defuse this potential bomb. Lucas Till stars in the upcoming live-action/computer animated adventure "Monster Trucks," which is now scheduled for release January 13, 207. But apparently its own studio, Paramount/Viacom, sees a big loss coming, and is already writing it down in the books.
Here's the scoop from The Hollywood Reporter:
"Lowering its earnings forecast for the current fiscal fourth quarter, Viacom cited 'a programming impairment charge of $115 million' that is 'related to the expected performance of an unreleased film,' in addition to other factors.
Sources tell The Hollywood Reporter the movie in question is 'Monster Trucks,' set for release on Jan. 13. The big-budget title has been delayed numerous times after originally being slotted to hit theaters more than a year ago. First set for release on May 29, 2015, it was then pushed to Dec. 25 of that year, then March 18 of this year and eventually to next January."
The added that the estimated budget for the film was over $100 million. Jefferies analyst John Janedis noted, in a report quoted by THR, "Viacom indicated there would be a write-down of $115 million related to a future film that will not likely perform to expectations." Drexel Hamilton analyst Tony Wible added that the loss "implies that Paramount will have lost about $500 million this year despite a favorable box office, home entertainment and licensing environment."
As Collider (which visited the "Monster Trucks" set back in June 2014) noted, Paramount has had some success this year, but "Star Trek Beyond" wasn't a massive hit, and there were no "Transformers" or "Mission: Impossible" franchise movies in 2016. Still, there's hope that things will improve next year.
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Looking for any way to get away from the life and town he was born into, Tripp (Lucas Till), a high school senior, builds a monster truck from bits and pieces of scrapped cars. After an accident at a nearby oil-drilling site displaces a strange and subterranean creature with a taste and a talent for speed, Tripp may have just found the key to getting out of town with a most unlikely friend. Read More