'Now You See Me' Surprising Success At Box Office Earns It A Sequel

| by Taylor Bell
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Surpassing several big-budget summer films like “White House Down” and “The Lone Ranger,” Summit Entertainment’s “Now You See Me” had so much success this summer that a sequel is now in the making and is scheduled for release in 2014.

In the movie, Jesse Eisenberg, Isla Fisher, Dave Franco and Woody Harrelson play gifted magicians who reward their audiences with money from various bank heists, with Mark Ruffalo and Morgan Freeman also starring in the flick.

Released over Memorial Day weekend in North America, the movie’s domestic total is $115.6 million with an international total of $199.3 million, according to the Hollywood Reporter. The film has not yet opened in China, Australia or Japan, but it is expected to bring in more than $150 million for the studio once it does.

"This is a perfect example of how we're benefiting from the unique international infrastructure of output deals, joint ventures and self-distribution we've set in place to maximize value and minimize risk," Lionsgate CEO Jon Feltheimer told analysts during a morning call on Friday after the release of Lionsgate's latest financial results late Thursday. "The film will gross nearly $25 million at the box office and will generate a profit more than three times greater than had we sold it for a minimum guarantee." Lionsgate acquired Summit Entertainment in January 2012.

The magician heist movie is expected to be one of the most profitable films of summer, considering it cost $75 million to produce, with much of the budget financed through foreign presales, according to the Hollywood Reporter. The success of the midrange picture, “Now You See Me,” proves these types of films can have success among the pricey tent poles that many Hollywood studios have chose in favor smaller-scale projects.

Source: The Hollywood Reporter