LOS ANGELES (Reuters) - Time Warner Inc. Chief Executive Officer Richard Parsons said on Friday that the company expects its big-budget movie "Troy," which made its debut in theaters last week, will prove to be a solid success for the company.
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"We're very pleased with 'Troy,"' Parsons told shareholders at the company's meeting at the Warner Bros. film studio in Burbank. "We think 'Troy' will be a success."
A studio spokeswoman has told Reuters the epic movie set amid the ancient Trojan Wars cost Warner Bros. $175 million to make initially and $150 million after it received rebates on production expenses. Sources knowledgeable of the marketing have put promotional costs at above $50 million.
Parsons said Warner Bros. expects U.S. and Canadian box office receipts to be "north of $100 million," and international ticket sales to run "two to three times that."
"Troy" made its debut last week at No. 1 at domestic (U.S. and Canadian) box offices with a final tally of $46.8 million and another $55 million internationally, putting its first week total at just over $100 million.
Box office experts believe the film that stars Brad Pitt (news) will play well through the upcoming Memorial Day holiday weekend in the United States, which is the traditional start of the summer season.
Paul Dergarabedian, president of Los Angeles-based box office tracker Exhibitor Relations Co. Inc., has called "Troy" "more of a marathoner than a sprinter," at box offices. That is because the movie's audience is primarily older due to its R rating, which restricts younger audiences in the United States.
Moreover, Pitt has a huge international fan base, and the movie's debut was held back in several key overseas markets such as the United Kingdom, Japan, Italy and Russia where it will be seen at later dates.