It hasn’t been a strong year at the movies for Paramount.
Though they found a sleeper hit with “10 Cloverfield Lane,” they only have one title that has earned more than $100 million at the domestic box office (“Star Trek Beyond” with over $157 million) and now its parent company, Viacom, has lowered its hopes for the current fiscal fourth-quarter earnings.
According to The Hollywood Reporter, Viacom has cited a $115 million writedown “related to the expected performance of an unreleased film” on Paramount’s slate.
Sources tell THR that the title in question is the 3D family movie “Monster Trucks,” which, after numerous release date changes, will finally open in theaters on January 13, 2017.
Starring Lucas Till (TV’s new “MacGyver”), Amy Ryan, Rob Lowe, and Danny Glover, the movie follows high school senior Tripp (Till) as he attempts to build a monster truck and soon befriends a subterranean creature who may be the final part he needs for his ride.
With a production budget of $100 million, according to THR, Paramount is projected to earn only $25 million when it opens next year.
After seeing the trailer below you’ll have an idea why Viacom/Paramount are bracing for a big loss: