Ailing MGM's only balm: Legally Blonde

Arthur J Pais

Hannibal, the high-octane thriller starring Anthony Hopkins, devoured about $ 350 million across the globe and yet Metro Goldwyn Meyer, the studio that made the film, is profusely bleeding.

Part of the blame for the losses can be attributed to the two films MGM distributed this year -- Antitrust and What's The Worst That Could Happen? Both are from Ashok Amritraj's Hyde Park Entertainment.

Unlike other major studios, MGM, which has been ailing for many years, produces or distributes just about six films a year. Naturally, every film counts at the box office. Adding to its box office woe was Josie And The Pussycats.

MGM announced a $ 61.3 million loss in the third quarter.

The studio was expecting a bonanza from What's The Worst For it starred Martin Lawerence (with Danny De Vito) whose box-office fortunes have been steadily climbing. The comedy was expected to gross at least $ 75 million in North America, and about $ 25 million abroad, since films toplining African American actors do not generally fare well abroad.

But What's The Worst, mauled by many critics for not being amusing, could gross about $ 35 million. Produced for $ 38 million, it could not break even unless it made about $ 90 million, at cinema houses and video rentals.

This week, MGM has released the erotic suspense drama, Original Sin, which it coproduced with Hyde Park Entertainment.

The film which opened in France and Germany, had a disappointing run there last week, grossing just about $ 2.5 million. In America, it has opened to mostly negative reviews. But given the current popularity of its lead actors, Antonio Banderas and Angelina Jolie, it might do decent business in North America.

Box office observers expect it to fare well in South America and Spain because of the enormous popularity of Banderas.

But all is not lost for MGM.

The unexpected success of the teen comedy Legally Blonde, which has grossed $ 60 million in North America and is headed for a $ 80 million total gross, has energised the studio. Blonde was made for about $ 18 million -- and the studio is at work on a sequel and a possible TV series.

Amritraj, known for his cost efficiency and professionalism, is optimistic that his fourth film for the studio, the $ 90 million Bandits, starring Bruce Willis, will make MGM roar in a few months.