MGM takes £38 million write-down over Ben-Hur remake

This summer’s remake of Biblical epic ‘Ben-Hur’ has proved a costly misfire.

One of 2016′s biggest box office flops, studio MGM spent over $100 million (£79 million) – not including publicity costs – on the movie from director Timur Bekmambetov, which cast Jack Huston in the title role previously taken by Charlton Heston.

However, the film was met with widespread apathy, taking barely $24 million on its home soil and a total of $94 million internationally.

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Variety reports that this has resulted in a write-down on $48 million (£38 million) for MGM – not great news for a studio notorious for its financial troubles in recent years.

MGM had been struggling for some time before filing for bankruptcy in 2010. As well as ‘Ben-Hur,’ the studio have produced remakes of a great many titles from their back catalogue to help them get back on their feet, including ‘Red Dawn,’ ‘Robocop,’ and ‘Poltergeist.’ Ironically, most of these have under-performed.

However, the studio’s recent remake of ‘The Magnificent Seven’ has proved a greater success, earning $160 million to date off a $90 million budget.

The main jewel in MGM’s crown is of course the James Bond franchise, although their financial struggles have forced them to co-distribute the series with Sony since 2006’s ‘Casino Royale.’ This deal expired with 2015’s ‘Spectre,’ and it is not yet confirmed whether Sony will renew the contract or another studio will outbid them.

Picture Credit: MGM