Production on Guillermo del Toro’s Pacific Rim 2 was scheduled to begin on November, with a planned released date of 4th August 2017 in the pipeline. Reports are now confirming that Legendary, who would be producing and releasing the highly anticipated sequel, have halted production, indefinitely.
It turns out that there are brewing problems between Legendary, Warner Brothers and Universal, and budget issues with the monster sequel have had a big part to play in the decision to put the film on hold. The first Pacific Rim was made for $190 million, and while it did not perform as well as expected in the US ($101 million), it went on to achieve over $400 million at the global box office. However, it has meant that a sequel is a potential risk in terms of budget, and Legendary/ Warner Brothers are not wanting to commit to such a challenge during these difficult times.
A lengthy report about the fallout on THR states that Universal have had the best year ever in terms of box office, but Legendary are now going at things alone (they moved Kong: Skull Island from Universal to Warners last week, which is sure to have caused some problems) by financing their own films, with Warners being someone they can turn to for help. It could be more the fact that Warners are not wanting to take a risk with Pacific Rim 2 as the first film did not perform quite as well as predicted, and without Warners backing, its possible Legendary can’t come up with the budget required.
Universal left Legendary to foot the entire bill for Guillermo del Toro’s upcoming horror Crimson Peak, because they felt the budget was too high, and there is also the case of the video game adaptation Warcraft, which has also been deemed a “problem movie” by Universal due to its massive budget. It basically sounds like the big studios are getting nervous taking on projects with big budgets due to so many failing, or just breaking even. While Pacific Rim 2 is guaranteed to do well, the box office returns of the first film were not exceptional, which naturally would be cause for concern for any studio. It’s just such a shame that once again its del Toro and the fans who suffer (Hellboy 3 anyone?)
Here is part of THR’s lengthy report, and be sure to head over their to read more details should you desire:
Legendary wanted to produce a sequel to del Toro’s Pacific Rim, which was made under the Warners deal and turned into one of those films that grosses a lot ($411 million worldwide) while being so costly that a follow-up isn’t a sure thing. Sources say Legendary liked that the original performed exceptionally well in China, where the company is heavily invested, but for now the project — which had been ramping up to make a release date in August 2017 — has been halted indefinitely and will be pushed back (if it gets made at all).