DreamWorks Takes $57 Million Write-Down on 'Mr. Peabody & Sherman' LA Times
DreamWorks Animation reported a first-quarter loss of almost $43 million after taking a $57 million write-down for the animated movie “Mr. Peabody & Sherman,” reports the Los Angeles Times.
The movie, which was based on the characters from the 1960s animated TV series “The Rocky and Bullwinkle Show,” was the first animated project from DreamWorks to feature characters from the “Classic Media” library that was bought by the company in 2012. It comes after a series of bumpy box-office performances for the company, which took an $87 million write-down last year for “Rise of the Guardians.”
“Three of our last four films have not delivered in terms of audience turnout or financial performance," Jeffrey Katzenberg, chief executive of DreamWorks Animation, said in a conference call with analysts.
He also cited challenges such as increased competition for family movies and the difficulty in marketing films to a global audience. The studio is “evaluating our creative process,” he said.