DIS Walt Disney Co

By R.T. Watson 

Walt Disney Co. is delaying the release of several movies by six months including its highly anticipated Marvel spinoff "Black Widow," the latest sign that Hollywood's top movie studio remains wary of releasing big-budget films in a fractured theatrical landscape.

Theaters have been gradually reopening around the globe but multiplexes in the U.S., the world's largest theatrical market, have shown little sign of recovery in recent weeks. Disney said Wednesday it would change the release dates for a total of 10 upcoming films, including Steven Spielberg's remake of "West Side Story" -- which is moving by an entire year to December 2021 -- and another Marvel spinoff, "Eternals."

Disney is, for now, sticking to plans to release its Pixar animated feature "Soul" on Nov. 20, along with a few titles it inherited after purchasing the Twentieth Century movie studio. "Black Widow" moves to May 2021 from Nov. 6.

The studio signaled its dim view of the U.S. theatrical market last month, when it announced it would forgo a domestic release of its $200 million "Mulan" remake. The company instead shipped the film to its burgeoning streaming service Disney+ at a cost to viewers of about $30, on top of the monthly subscription fee. Disney hasn't said how the live-action remake has performed on the service.

While most of Hollywood applauded rival studio Warner Bros.' recent attempt to reignite the American theatrical industry with the release earlier this month of director Christopher Nolan's spy thriller "Tenet," the movie has stumbled in the U.S. Moviegoers appear reluctant to return to theaters en masse. Additionally, cinemas remain closed in large metropolitan markets like Los Angeles and New York City.

"Tenet" has grossed a lackluster $36.1 million domestically on top of $215 million overseas, according to Box Office Mojo.

Disney's decision to postpone "Black Widow," which also cost around $200 million to produce, indicates the continued importance of the U.S. theatrical market even as overseas box-office revenues have grown steadily in recent years.

Soon after releasing the $200-million "Tenet," Warner Bros., owned by AT&T Inc., announced it would delay the October release of the $200-million "Wonder Woman 1984." The film's predecessor, 2017's "Wonder Woman," grossed more than $800 million, about half from domestic ticket sales.

MGM Holdings Inc.'s James Bond film "No Time to Die" is currently set for Nov. 20 in the U.S., after opening abroad about a week earlier.

(END) Dow Jones Newswires

September 23, 2020 14:11 ET (18:11 GMT)

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