Warner Bros. gives late ax to $90M 'Batgirl' film, with HBO strategy in focus
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Warner Bros. (NASDAQ:WBD) has shocked Hollywood observers by canceling its planned Batgirl movie despite the fact that the $90M film was essentially finished and in final editing.
The film won't appear in theaters or on HBO Max (its intended destination), and Warner Bros. will write it off (a move it can squeak in as the film is unreleased - and unmonetized).
Batgirl - starring In the Heights' Leslie Grace in the title role - was given the green light last year as a "Max original," part of efforts to leverage Warner intellectual property to bolster the direct-to-consumer business in a market where hotly competitive streamers are scrambling for unique inventory.
Along with canceling the Max-exclusive sequel Scoob: Holiday Haunt - reported to cost $40M itself - Warner's moves indicate that new Warner Bros. Discovery (WBD) chief David Zaslav may not want to water down blockbuster prospects by making so many straight-to-streaming offerings.
That take has some additional support in Variety's report that HBO Max has quietly removed a number of WB films exclusively streaming on the service, a potential cost-cutting move.
Still, it's a surprise to pursue a tax write-off rather than some kind of revenue by releasing such an expensive film in some fashion. Batgirl had received some poor test screenings, but featured other prominent actors, including J.K. Simmons, Michael Keaton and Brendan Fraser.
The decision reflects only a "strategic shift as it relates to the DC universe and HBO Max," a spokesperson told The Hollywood Reporter.
And unsurprisingly the news this week is raising some speculation about the eventual shape of a combined HBO Max/Discovery+ streaming offering, set for a big rollout sometime in 2023. With HBO Max in the news this week, it wouldn't be unusual for Zaslav to reveal any completed plans when the company reports earnings Thursday after the close. Top management has reportedly been signaling to showrunners and talent that HBO's Casey Bloys will take a more senior role in the combination.
WBD is expected to post earnings per share of $0.12 on revenues of $11.9B, which would mark a 289% year-over-year increase.