And when his buyers can't pay, that directly affects how and when Lerner can make movies. The producer said he had scaled back production plans and pushed start dates on some projects into next year. Among them is a $40-million-plus action movie called "Armored" that will begin filming in June.
"It's a turbulent time, so we're spending a little extra time to make sure we're being financially prudent," said Randall Emmett, a producer of the film.
Foreign buyers have been further squeezed by the sharp depreciation of their currencies against the U.S. dollar, forcing them to pay 20% to 30% more to buy U.S. films.
Although buying has slackened, there's still an appetite for commercially oriented action and comedy movies, said Helen Lee-Kim, president of Mandate International, the international division of Lions Gate Entertainment Corp., an independent movie and TV studio. "Buyers are still buying, they just are not buying as much," Lee-Kim said.
--
richard.verrier@latimes.com
