Date: 28th June 2004
The disappointing performance of Steve Coogan's latest film has reportedly persuaded Walt Disney that it should move away from big-budget movies.
Around the World in 80 Days, which also stars Jackie Chan, had a budget of £61.1 million, has only made £7.2 million in a week in America, says the Telegraph.
It has been panned by the critics, who point out that while the original Oscar-winning Disney film of the Jules Verne novel had cameos by Noel Coward and John Gielgud, this remake could only manage Arnold Schwarzenegger.
Now chief executive Michael Eisner has confirmed that the company is 'reducing our investment in our film business'.
And while studio president Bob Iger said Disney would still have a substantial investment in film, he said it was now anxious to 'make the right movie at the right price'.
Speaking about the new film, he said it was 'a disappointing result, but not to the point where it's going to have much of an impact on our bottom line'.
"It kind of got chewed up by the big guys that were out there," he said.
The Coogan film follows in the wake of The Alamo, a film about patriotism that cost £59 million but has so far only taken £12.2 million in America, despite the war in Iraq.
And Hidalgo, starring Viggo Mortensen, has yet to cover its £59 million budget.
Source: Press Release