Monday, June 28, 2004
The Real Reel Deal
Politics, schmolitics.0 comments
Let's get right to where the nation's real decision-making emphasis lies.
Lions Gate rolls with `Fahrenheit' 911'
By Jon Friedman, CBS.MarketWatch.com
1:05 PM ET June 28, 2004
NEW YORK (CBS.MW) - Weeks ago, Lions Gate Entertainment took a chance by agreeing to distribute Michael Moore's controversial anti-President [George W.] Bush movie "Fahrenheit 911' after others passed on it.
Lions Gate (NYSE: LGF) is enjoying a stunning confirmation of the wisdom of its decision. "Fahrenheit" was the winner at the box office last weekend, bringing in a startling $21.8 million, making the movie the best-performing documentary of all time.
Lions Gate gained 11 cents to $7.01, a nearly 2 percent improvement, on top of a 3 percent surge on Friday.
The movie was all the more impressive since it was released in a relatively low number of theaters over the weekend—868. The movie was powered by a highly favorable word of mouth campaign, sparked by its winning the top honor at the recent Cannes Film Festival.
Given the track record of triumphant opening weekends for Hollywood movies—that success tends to feed off itself and cause more good results—it is likely that Michael Moore's movie will continue to rack up impressive box office performances in the weeks ahead.
But the success of the film also presents a conundrum to movie theater operators: Many of them would prefer not to be dragged into the polemics of Moore's liberal ideas. Still, money talks, and the operators would probably quietly continue to show Moore's movie, as long as it makes money for everyone, leading up to the political conventions later in the summer.
As Jon Friedman aptly notes here, everyone in business is a whore.
If the Christian Coalition learns that softening their position on abortion would stand to gain them a 30% profit on their investments, they'd partner with Planned Parenthood in a heartbeat.
So, it'll be interesting to watch ol' Michael Eisner of Disney, who already was in the Boardroom crosshairs for mismanaging the Magic Kingdom. Let's see if he survives loudly proclaiming himself the "anti-whore," who stands steadfastly against something that's going to make everyone currently involved a small fortune. Already cranky shareholders tend to not like any decision that leaves a single buck sitting on the table.
Let alone a whole lotta bucks.
So, keep an eye on the right Michael.
Not Moore, but Eisner.
posted by Gotham 3:07 PM
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