MGM watch: Studio’s 2nd remake fares considerably better

The Magnificent Seven, Metro-Goldwyn-Mayer’s second remake this year, fared considerably better in its opening weekend in the U.S. compared with the studio’s “re-imagining” of Ben-Hur.

The western film generated an estimated box office of $35 million, according to Box Office Mojo.

The film was a remake of the 1960 film of the same name released by United Artists. MGM acquired UA in 1981, including its film library. In addition to the 1960 Magnificent Seven (and its sequels) that film library at the time also included the first 12 James Bond films produced by Eon Productions.

Both the 1960 and 2016 Magnificent Seven films, in turn, were based on the 1954 Japanese movie, Seven Samurai.

MGM, which exited bankruptcy in 2010, is trying to demonstrate it’s more than just the 007 film series. MGM these days mostly makes television shows for cable channels while producing a few movies annually.

The studio’s Ben-Hur remake, which was released and co-financed by Paramount, was a big setback for MGM. That movie’s U.S. opening weekend was only $11.2 million, finishing No. 6 that weekend, according to Box Office Mojo. Its total U.S. box office was $26.2 million. The movie generated worldwide box office of $82.6 million against an estimated $100 million production budget.

The new version of The Magnificent Seven was distributed by Sony’s Columbia, which has released the last four Bond films. The post-bankruptcy MGM doesn’t have the resources to release its own movies. As a result, the studio strikes deals with bigger studios to distribute MGM productions.

At this point, MGM doesn’t have a studio partner for Bond 25 after Sony’s most recent two-picture 007 deal expired with SPECTRE.  MGM intends to sell stock to the public within three to five years.

MGM watch: Ben-Hur remake flops in setback for 007 studio

Metro-Goldwyn-Mayer’s remake of Ben-Hur flopped at the U.S.-Canada box office with a paltry estimated $11.4 million for the Aug. 19-21 weekend, according to Variety.

The movie finished No. 5 this weekend, according to a tweet by Exhibitors Relations, which tracks box office results. The flop occurred in a weekend that wasn’t robust for theaters. Suicide Squad, in its third weekend, was No. 1 at $20.7 million.

Ben-Hur was actually released by Paramount. After exiting bankruptcy in 2010, MGM isn’t big enough to distribute its own films. So MGM cuts deals with other studios to share production costs, with the partner studio getting movies to theaters.

Ben-Hur, based on Lew Wallace’s 1880 novel, has been made as a film three times previously. The 1959 version, starring Charlton Heston and directed by William Wyler, won 11 Academy Awards.

Here’s why this blog noting all this: MGM is the home studio for the James Bond film series, with MGM and Danjaq LLC (the parent company of Eon Productions) controlling the franchise.

In March, MGM chief Gary Barber said 007 films will come out on a “three-to-four year cycle. MGM doesn’t yet have a partner studio for Bond 25 after Sony Pictures’ most recent contract expired with SPECTRE. The next Bond film also doesn’t have a confirmed leading actor or, as far as anyone knows, a script.

When MGM was in bankruptcy, it produced a business plan saying it would get 007 films out on an every-other-year schedule. However, Barbara Broccoli, co-boss of Eon Productions, has made clear she’s not interested in making Bond films that often.

MGM in recent months has emphasized its slate of non-Bond projects, mostly in television. The studio only releases a handful of movies each year, so any flop hurts MGM more than competitors with larger film slates.

Ben-Hur’s flop also demonstrates that MGM’s supply of bankable movie projects outside of 007 remains limited. Since 2010, MGM’s other main movie property was the now-concluded Hobbit series.

MGM’s next film is a fall release of another remake, The Magnificent Seven.