Blu-Ray Releases for July 19, 2016
Of the 13 films that MGM theatrically released in 1997, only three were MGM productions (Hoodlum, Red Corner and Tomorrow Never Dies) and the rest were inherited from their purchase of Orion Pictures and Goldwyn Entertainment. MGM took a write down of just over $10 million on Hoodlum and took a huge $30 million write down on Red Corner. MGM financed Hoodlum for $30 million and the financially distressed studio had documents given to potential buyers for MGM that projected the domestic box office gross of Hoodlum to earn $78 million. MGM management was close, but only $54.6 million off. Hoodlum was booked into 2,020 theaters at the slow end of summer August 29 frame and opened against the duds Excess Baggage, Kull the Conqueror and She’s So Lovely. It fared the best of the new releases with $8,162,768 — placing #4 for the weekend led by the holdovers G.I. Jane and Money Talks. Hoodlum showed weak legs and declined 50% in attendance the following weekend to $4,047,485 and the pic quickly closed with just $23,499,102. MGM would see back about $11.7 million after theaters take their percentage of the gross, which would not even cover their P&A expenses. MGM packaged The Man In The Iron Mask with 6 flops (Hoodlum, Mod Squad, Dirty Work, Disturbing Behavior, Rage: Carrie 2 and At First Sight) to sell to the USA network and their sister channel Sci-Fi Channel for $22 million.