EuropaCorp examines its debts and considers sell-off after being hit by disappointing box office for sci-fi spectacular Valerian

This article is more than 2 years old

This article is more than 2 years old

The French filmmaker Luc Besson’s production studio has said it is considering “different options” to raise cash and cut costs after sinking to record losses.



The announcement comes after the underwhelming box-office take for Besson’s science-fiction spectacular Valerian and the City of a Thousand Planets. Although the film brought in more than $225m, a poor performance in the US market left Besson’s EuropaCorp struggling to make up for its $177m it cost to produce – an astronomical sum for a French production.

Besson, who is working on a pilot for a proposed US police drama, took back direct control of the studio earlier this month, replacing CEO Marc Shmuger, a veteran of Sony Pictures.

Valerian and the City of a Thousand Planets review – a sci-fi plot full of black holes Read more

EuropaCorp said it was examining a recapitalisation or a debt restructuring “given the cost of debt and maturity of its credit lines”.

It will also weigh cost cuts and the sale of assets in areas such as post-production or its film catalogue.

EuropaCorp said it would aim to produce two to three English-language feature films each year, and two French-language films.

Besson, whose titles include the suave thrillers Nikita and Leon: The Professional, created the studio in 1999 and it long raked in profits from producing hits like The Transporter and Taken.

But the Valerian misfire hit the studio hard after a record loss of €120m in its full year to 31 March 2017.

In 2016 the Chinese production house Fundamental Films invested €60m in the studio, becoming its second-largest shareholder.