Michael Moore’s ‘Capitalism’ Deemed A Bad Investment for Liberty Media
Right before his latest documentary Capitalism: A Love Story was set to open, Michael Moore announced that it just may be his last, saying:
I think people will be maybe somewhat disappointed because there’s so many things we need to deal with right now, and they wish I would make a film about it. But I want other people to make those films.
Moore’s retirement won’t cause any grief for executives at Liberty Capital. Overture films, a subsidiary of the company financed the movie, which examines corporate greed and the current economic meltdown and seems to have caused an economic meltdown of its own at the company. Since it opened in September it’s grossed only $14M.
The film’s lackluster performance may be partly attributable to the air of hypocrisy that hung over the project. After all it’s hard to take the movie’s message railing against the evils of capitalism seriously when it was financed by company like Liberty Media, a huge conglomerate,which owns Direct TV, Starz Entertainment and shares in Sirius Satellite Radio and QVC, and the messenger is a multi-millionaire filmmaker who has benefited from some of most lucrative deals in Hollywood.
On Monday, Liberty Capital cited the film as one of the bad investments which caused shares in the company to drop 6%. However, it looks like its entertainment division, Liberty Media, may help the company rebound. It actually posted a 2% increase in third quarter earnings. And despite recent flops like Capitalism and the sci-fi thriller Pandorum, things are looking up for its film division. Overture recently scored a bona fide hit with the Gerard Butler, Jamie Foxx thriller, Law Abiding Citizen, which has, to date, made over $60M at the box office.