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Lionsgate CEO Jon Feltheimer didn't hold back when explaining how its $120 million Borderlands movie became one of 2024's biggest box office disasters, earning a measly $33 million worldwide despite its star-studded cast.
"Nearly everything that could go wrong did go wrong," Feltheimer told investors during Thursday's earnings call. The gaming adaptation sat in development hell during COVID, racked up costly reshoots, and got hammered by rising interest rates – a perfect storm that torpedoed Lionsgate's usual financial safety nets.
The embarrassing flop features an A-list cast including Cate Blanchett, Kevin Hart, Jack Black, and Jamie Lee Curtis, making its failure even more pronounced. CFO Jimmy Barge admitted the losses were "outside the range of outcomes we would expect" – corporate speak for "we really screwed this one up."
It's a particularly rough blow for Lionsgate, which typically plays it safe by keeping budgets tight and selling off foreign rights to minimize risk. The studio is already struggling with what Feltheimer called "a continuing market correction" in their TV division, making Borderlands' face-plant even more painful.
While Barge assured investors the company has "learned valuable lessons" and will tighten up its processes, the damage is done. The film joins the growing graveyard of failed video game adaptations, proving that even a beloved franchise and top-tier talent can't save a troubled production.
A silver lining? Take-Two Interactive reported a boost in Borderlands game sales following the movie's release. At least someone's making money off this mess.
