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Sully Rakes in $35.5M in Opening Weekend for Time Warner
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Time Warner Inc.’s Warner Bros. biographical drama movie Sully shattered box office records in the previous week. The movie’s domestic collections in the opening weekend were nearly $35.5 million, climbing up to the fifth-highest position in terms of collections in the opening weekend of September.
Sully made at a budget of $60 million has collected more than $45 million worldwide. The movie, released in the U.S. and Canada, was anticipated to collect nearly $25 million in the opening weekend whereas Box Office Mojo projected a figure as high as $31 million. With collections of $35.5 million domestically the movie has exceeded all expectations.
Time Warner is firing on all cylinders with steady box office success in the recent days. In Aug, 2016, the company released a superhero film Suicide Squad which has collected more than $700 million globally. The movie was made at a budget of $175 million. The movie has garnered $307.5 million from North America and $392.6 million overseas.
We believe Time Warner’s recent success at the box office may help improve Warner Bros. performance. Warner Bros’ revenue plummeted 19% to $2,658 million during the second quarter of 2016 on account of a fall in videogames, home entertainment and television licensing revenues. Videogames revenues fell as the year-ago quarter included the releases of Batman: Arkham Knight and Mortal Kombat X. Home entertainment revenues decreased owing to fewer theatrical home video releases in the quarter. Television licensing revenues declined as the year-ago period benefitted from the second-cycle syndication of The Big Bang Theory and the subscription video-on-demand licensing of Seinfeld.
Management anticipates tough comparisons in video games and TV licensing at Warner Bros. during the third quarter.
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Sully Rakes in $35.5M in Opening Weekend for Time Warner
Time Warner Inc.’s Warner Bros. biographical drama movie Sully shattered box office records in the previous week. The movie’s domestic collections in the opening weekend were nearly $35.5 million, climbing up to the fifth-highest position in terms of collections in the opening weekend of September.
Sully made at a budget of $60 million has collected more than $45 million worldwide. The movie, released in the U.S. and Canada, was anticipated to collect nearly $25 million in the opening weekend whereas Box Office Mojo projected a figure as high as $31 million. With collections of $35.5 million domestically the movie has exceeded all expectations.
Time Warner is firing on all cylinders with steady box office success in the recent days. In Aug, 2016, the company released a superhero film Suicide Squad which has collected more than $700 million globally. The movie was made at a budget of $175 million. The movie has garnered $307.5 million from North America and $392.6 million overseas.
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TIME WARNER INC Price | TIME WARNER INC Quote
We believe Time Warner’s recent success at the box office may help improve Warner Bros. performance. Warner Bros’ revenue plummeted 19% to $2,658 million during the second quarter of 2016 on account of a fall in videogames, home entertainment and television licensing revenues. Videogames revenues fell as the year-ago quarter included the releases of Batman: Arkham Knight and Mortal Kombat X. Home entertainment revenues decreased owing to fewer theatrical home video releases in the quarter. Television licensing revenues declined as the year-ago period benefitted from the second-cycle syndication of The Big Bang Theory and the subscription video-on-demand licensing of Seinfeld.
Management anticipates tough comparisons in video games and TV licensing at Warner Bros. during the third quarter.
Time Warner, which shares space with Twenty-First Century Fox, Inc. (FOXA - Free Report) , The Walt Disney Company’s (DIS - Free Report) and Comcast Corporation (CMCSA - Free Report) , carries a Zacks Rank #3 (Hold). You can the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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