- Fox reported solid Q2 earnings on Wednesday, thanks in large part to the success of "Bohemian Rhapsody," which has grossed $833 million worldwide.
- But Fox’s 2018 was otherwise grim at the box office, leaving Fox employees tense ahead of the Disney merger, according to The Hollywood Reporter.
Queen biopic "Bohemian Rhapsody" soared to global success late last year and nabbed $833 million worldwide. The movie’s success propelled the studio, Fox, to an impressive quarter to end 2018 on.
Fox reported revenue of $8.5 billion in its Q2 earnings report on Wednesday (the quarter ended December 31), a year-over-year increase of 6%. "Bohemian Rhapsody," which came to theaters in November, helped immensely with this gain. The film division generated operating income before depreciation or amortization (OIBDA) of $193 million, up 47% from the $131 million reported this time last year.
"The OIBDA increase reflects higher contributions from the film studio led by the worldwide theatrical performance of Bohemian Rhapsody (winner of two Golden Globes and nominated for five Academy Awards), lower theatrical releasing costs from a comparatively lower number of films released in the current quarter, and the worldwide home entertainment and pay television performance of The Greatest Showman, partially offset by higher new series deficits and lower domestic syndication contributions at the television production studio," Fox said in its earnings report.
While the film division skyrocketed in Q2, tensions still loom for Fox employees ahead of the Disney merger, which is expected to close early this year, according to The Hollywood Reporter.
THR wrote Wednesday that some inside Fox felt the studio had been "moved from life support to hospice" after a string of box-office flops (minus "Deadpool 2" and "Bohemian Rhapsody") in 2018, and are tired of waiting for the deal to close.
Fox finished fifth at the box office in 2018, below the four other major studios: Disney, Warner Bros., Universal, and Sony. Its box-office disappointments included Jennifer Lawrence’s "Red Sparrow," Oscar-hopeful "Widows" (which ultimately failed to land any nominations), and "The Predator."
At least 4,000 employees are expected to be laid off following the merger as Disney has promised $2 billion in cost savings, according to THR.
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Source: Business Insider