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Report: Viacom's $115M charge tied to delayed film 'Monster Trucks'

Sep. 21, 2016 2:01 PM ETViacom Inc. (VIA-OLD) StockVIA-OLD, VIABBy: Jason Aycock, SA News Editor
  • Amid today's heavy-duty announcements from Viacom (VIA -1.1%, VIAB -1.1%) where the company said it was looking for a new CEO (again) and cleaving its dividend in half, Viacom also said it was taking a huge $115M impairment charge tied to the "expected performance of an unreleased film."
  • That film is not one of the company's high-profile releases for the rest of 2016 (like Brad Pitt-starring Allied, or Tom Cruise-starring Jack Reacher: Never Go Back) but an early 2017 release: Monster Trucks, according to The Hollywood Reporter.
  • That film has been pushed back several times, from an initial planned release date of May 2015. It's a 3-D action comedy combining live action and computer animation, starring Lucas Till, Jane Levy, Amy Ryan, Rob Lowe, Danny Glover, Barry Pepper and Holt McCallany.
  • The film has an estimated production budget of more than $100M, suggesting it was planned for a broad audience release, but THR says the children-focused nature of the film has Viacom tracking it for more like $25M in revenue.

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