For ‘Fantastic Beasts’ Series, a Case of Diminishing Returns

Actor Eddie Redmayne attends a special screening of "Fantastic Beasts: The Secrets of Dumbledore" at AMC Lincoln Square on Wednesday, April 6, 2022, in New York. (AP)
Actor Eddie Redmayne attends a special screening of "Fantastic Beasts: The Secrets of Dumbledore" at AMC Lincoln Square on Wednesday, April 6, 2022, in New York. (AP)
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For ‘Fantastic Beasts’ Series, a Case of Diminishing Returns

Actor Eddie Redmayne attends a special screening of "Fantastic Beasts: The Secrets of Dumbledore" at AMC Lincoln Square on Wednesday, April 6, 2022, in New York. (AP)
Actor Eddie Redmayne attends a special screening of "Fantastic Beasts: The Secrets of Dumbledore" at AMC Lincoln Square on Wednesday, April 6, 2022, in New York. (AP)

"Fantastic Beasts: The Secrets of Dumbledore” got off to a less than magical start in its first weekend in US and Canadian theaters. The third installment in the Harry Potter spinoff opened to $43 million in North America, according to studio estimates Sunday.

It was enough to secure the film the top spot on the box office charts, but it’s also a low for the franchise. The first film had a $74.4 million debut in 2016 and the second, "The Crimes of Grindelwald” opened to $62.2 million in 2018. "The Secrets of Dumbledore,” which Warner Bros. released in 4,208 locations in North America, also carries a $200 million production price tag.

It’s more common than not for sequels and threequels to come in lower than their predecessors, but "Dumbledore” also follows several franchise titles that defied that logic, including "Spider-Man: No Way Home,” "Venom 2” and "Sonic the Hedgehog 2.”

Critics were largely not on board with "Dumbledore.” With a 49% rating on Rotten Tomatoes, most came in on the negative side. AP Film Writer Jake Coyle wrote in his review that "the purpose of these movies has never felt like much beyond keeping the Potter train running” and that this iteration is "a bit of a bore.” Audiences, which were 56% female, were a little kinder, giving it four stars on PostTrak and an overall B+ CinemaScore.

The eight Harry Potter films were responsible for over $7.7 billion in box office, while the first two "Fantastic Beasts” films made $1.5 billion total.

This installment stars Eddie Redmayne, Jude Law, Ezra Miller and Mads Mikkelsen, who replaced Johnny Depp as Grindelwald. In November 2020, following Depp’s failed libel case against The Sun tabloid newspaper for an article that labeled him a "wife beater,” the actor said Warner Bros. asked him to step down and that he agreed.

As with previous "Fantastic Beasts” films, however, "Dumbledore” has more hope internationally. Its grosses are $193 million worldwide. Both of the previous films made over 70% of their global totals from international showings.

"Recapturing the original ‘Harry Potter’ magic that began some 20 years ago in cinemas is a tall order,” said Paul Dergarabedian, the senior media analyst for Comscore. "The ‘Fantastic Beasts’ franchise, while seeing diminishing returns with each successive installment, still has enough of a devoted fanbase to conjure up respectable numbers particularly with international audiences which have always provided the lion’s share of the box office for these films.”

In its second weekend, "Sonic the Hedgehog 2” fell 58% and earned an estimated $30 million, according to Paramount. The film has grossed $119.6 million to date.

Sony also released "Father Stu” in 2,705 locations on Wednesday. Starring Mark Wahlberg, who helped finance the film, "Father Stu” is based on a true story and is a rare mainstream Hollywood movie with religious themes. It earned an estimated $8 million in its first five days in theaters.



Paramount's New Owners to Increase Film Production, Hang on to Cable Networks

FILE PHOTO: A Paramount logo is shown on the top of a building in Hollywood in Los Angeles, California, US, August 5, 2025. REUTERS/Mike Blake/File Photo
FILE PHOTO: A Paramount logo is shown on the top of a building in Hollywood in Los Angeles, California, US, August 5, 2025. REUTERS/Mike Blake/File Photo
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Paramount's New Owners to Increase Film Production, Hang on to Cable Networks

FILE PHOTO: A Paramount logo is shown on the top of a building in Hollywood in Los Angeles, California, US, August 5, 2025. REUTERS/Mike Blake/File Photo
FILE PHOTO: A Paramount logo is shown on the top of a building in Hollywood in Los Angeles, California, US, August 5, 2025. REUTERS/Mike Blake/File Photo

Paramount Global unveiled plans on Wednesday to retain and develop its stalwart entertainment brands Nickelodeon, MTV, and BET, while sharply increasing feature film production following its $8.4 billion merger with Skydance Media.

"We're thinking about ... the cable networks, not as declining linear assets that we need to spin off or deal with somehow," said President Jeff Shell. "We're thinking of those brands that we have to redefine."

Shell joined Chairman and CEO David Ellison and the rest of the executive team at a media gathering on Wednesday on the Paramount Pictures lot, where they discussed strategy for their film, television, and streaming businesses - as well as emerging technologies such as artificial intelligence.

The press event was held a week after Paramount completed its merger with Skydance Media, installing new leadership at the media company, Reuters reported.

Television Media Chair George Cheeks acknowledged the decline of cable television - "there's no question it's a super challenging business" - but added that the company's cable networks have created iconic franchises that may well thrive in the world of streaming video.

Shell singled out BET, a network focused on Black culture that Paramount previously explored selling, as an important building block of the company's streaming strategy.

Paramount's plans to develop its legacy cable networks come at a time when other media companies are shedding fading cable networks. Warner Bros Discovery and Comcast have announced plans to separate their cable businesses from their studios and streaming operations.

Josh Greenstein, co-chair of Paramount Pictures, said the studio plans to raise annual output, from eight this year to 15 movies "very quickly," with the ultimate goal of releasing 20 films a year.

The coming slate will include new installments of familiar franchises, such as "Star Trek" or "Transformers," as well as original movies, like the newly acquired James Mangold film project, "High Side," starring Timothée Chalamet.

The studio also will seek out family fare, in the vein of "A Night at the Museum" or "The Goonies."

"We love these movies. We all grew up on these movies, and we don't feel like many people are making them," said Dana Goldberg, co-chair of Paramount Pictures.

Ellison said his goal is to transform Paramount into a haven for the most talented filmmakers and sees emerging technologies like artificial intelligence providing a tool to enhance storytelling.

"I also think we have to acknowledge that this is a technology that is evolving, I think, faster than everyone in Hollywood really thinks it is," said Ellison, who is the son of Oracle co-founder Larry Ellison. "When you start putting that in a filmmaker's hands, I think you're seeing another moment that'll be as transformative as when John Lasseter and Steve Jobs built Pixar."