Tardy "Potter" delights DreamWorks Animation
By Paul Bond
LOS ANGELES (Hollywood Reporter) - Memo to Warner Bros. from DreamWorks Animation CEO Jeffrey Katzenberg: Thanks!
"The single greatest Christmas gift ever in my 35 years in the movie business was Warners moving Harry Potter to next summer," Katzenberg said Wednesday.
He was speaking, of course, of the decision to push ahead "Harry Potter and the Half-Blood Prince" to July 17 from November 21, leaving his studio's "Madagascar: Escape 2 Africa" with a lot less competition.
Katzenberg, speaking at the Goldman Sachs Communacopia XVII Conference in New York, told Wall Street analysts to adjust the "multiplier" estimates for the movie. A "good" movie, he said, will earn 3.5 times opening weekend box office, while a "very good" should get a 4 multiplier and an "exceptional" movie a 4.3 multiplier.
"That opening weekend is going to be bigger than we anticipated and it will have a bigger multiplier on it," he said of "Madagascar," now that it doesn't have "Potter" with which to contend.
Katzenberg was introduced by Goldman Sachs analyst Ingrid Chung, who called DreamWorks Animation "one of the best places to invest in media and entertainment, given its limited cyclical exposure and positive content cycle."
Chung said she's also bullish on the company because it is "evolving into more than just a theatrical content company but into a brand."
That strong brand recognition will play well when it comes to initiatives like 3D movies and stage plays such as "Shrek the Musical," which is headed to Broadway. Continued...