Penguins of Madagascar fails to impresshttps://indianexpress.com/article/entertainment/screen/penguins-of-madagascar-fails-to-impress/

Penguins of Madagascar fails to impress

Dreamworks Animation's latest film, Penguins of Madagascar, opened below expectations over the Thanksgiving weekend

Penguins Of Madagascar
Penguins Of Madagascar

Dreamworks Animation’s latest film, Penguins of Madagascar, opened below expectations over the Thanksgiving weekend. The film, which was distributed by Twenty-First Century Fox’s Fox studio, generated $36 million in ticket sales over the five-day weekend, according to box office tracking service Rentrak. Hollywood experts had predicted sales of $47 million, according to the site Box Office Mojo.
Dreamworks recently explored combining with Softbank or Hasbro following its latest flop, Mr. Peabody & Sherman, earlier this year which was its third underperforming film in three years.
“We certainly underperformed our own tracking,” said Chris Aronson, Fox’s president of domestic distribution, who said the studio forecasted ticket sales in the low-$40 million range. “But we have a clear playing field ahead of us until we face the next family film.”
On December 19, Sony opens the musical Annie and Fox releases Night at the Museum: Secret of the Tomb, both of which have been rated PG.
The weak performance of Penguins… might be attributed to a weaker than expected Thanksgiving box office, said Aronson, who said the film registered strongly in surveys with younger viewers.
The film could pick up steam in the next few weeks as Disney’s animated hit Big Hero 6 slows, said Rentrak senior media analyst, Paul Dergarabedian. Disney’s film collected $26 million in its fourth weekend in theaters, said Rentrak.
Penguins… may also benefit from a strong foreign market for U.S. films, said Aronson on Sunday. The film has totaled $61.8 million overseas so far, according to Rentrak.
Dreamworks recorded a $59.2 million impairment charge earlier this year, which was primarily the result of a weaker than expected performance by Mr. Peabody & Sherman, said the company in its financial statements.
It wrote down $86.9 million for Rise of the Guardians in 2012 and $13.5 million for Turbo last year.
In September, Dreamworks unsuccessfully negotiated an acquisition by Japan’s Softbank and it briefly discussed a merger with toy company Hasbro in early November, according to press reports.
A Dreamworks spokesman had no comment on Penguins… Dreamworks previously had refused to comment on the reported takeover discussions.