EuropaCorp Scales Back Post-“Valerian”

In the wake of the disappointing box-office for “Valerian and the City of a Thousand Planets,” and record losses of $135 million during the last financial year, Luc Besson’s EuropaCorp is set to scale back its operations.

EuropaCorp CEO Marc Shmuger unveiled a new plan during a shareholders meeting in Paris on Wednesday – one that involves a drastic reduction of the film slate and overhead, and an increase in TV activity.

Three years ago, EuropaCorp started producing eight to twelve films of different genres and bigger budgets. Most of these flopped including “Miss Sloane,” “The Circle,” “Nine Lives” and “Shut In”.

The company has now downscaled and plans to produce two to three English-language films and two French movies per year, with the focus on action thrillers and science-fiction films. Shrinking the slate will also allow Besson to be creatively involved in all these projects.

The first film under this new mandate is Besson’s next movie which is budgeted in the $30 million range and is due to start shooting next month. Besson has also completed the script for a “Lucy” sequel.

Source: Variety