It's bad news all around for Paramount studios this week, as it appears that the company is taking a $115 million write-down on a film which is yet to be released.
The big budget film Monster Trucks is apparently the film responsible for the massive write-down, with Paramount's parent company, Viacom citing "a programming impairment charge" that "related to the expected performance of an unreleased film."
Monster Trucks is a $125 million 3D live-action/computer-animated comedy, which is set for a January 13 release after already been pushed back three times. According to sources, the film was supposed to have wide audience appeal, but has since become a children's film - far from the box office blockbuster initially envisioned.
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Monster Trucks is directed by Chris Wedge (Ice Age), and stars Lucas Till (the X-Men franchise), Jane Levy (Suburgatory), Rob Lowe (Parks and Recreation), Amy Ryan, Barry Pepper, Danny Glover, Holt McCallany, Frank Whaley and Tucker Albrizzi. Take a look at the synopsis for Monster Trucks below:
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 and a most unlikely friend. Melding cutting edge visual effects and state-of-the-art CGI, Monster Trucks is an action filled adventure for the whole family that will keep you on the edge of your seat and ultimately touch your heart
While it's not uncommon for studios to take write-downs on films (for example, Disney have made write-downs on films such as Lone Ranger, Tomorrowland and John Carter in the recent past), what makes this case more unusual is that the studio is preparing to write-down such a huge amount on a film that hasn't even been released yet. Though given how many films have bombed in 2016, a film studios preparing for the worst case scenario probably isn't a silly move.
Monster Trucks will finally hit cinemas on January 12, 2017
Will you be watching Monster Trucks?