The falling U.S. dollar has forced Warner Bros. Pictures to reassess the viability of shooting a number of projects in several countries, after confirming Friday that it’s pulling production of “Green Lantern” out of Australia.
The studio said that “the current global economic situation, including fluctuations in currency valuation and overall costs,” forced the decision, in a statement issued through agency Screen NSW.
“We have also had to reassess film projects in other countries as well,” it said.
On Friday, the Australian dollar hit a 27-year high against the U.S. dollar, closing at 95 cents, a 30% decrease in value for the greenback since the shoot was announced six months ago, and which would reportedly add over $20 million in cost to the production.
The Aussie dollar is being tipped by analysts to reach parity with the U.S. dollar in the coming weeks and could go as high as AUS$1.10 next year.
“After working closely with our partners at the NSW Film and Television Office (Screen NSW) and examining every scenario, we have decided to move the production of ‘Green Lantern.’ We are extremely grateful for the assistance we have received from the NSW Government, Fox Studios and the NSW filmmaking community,” the statement said.
Industry sources here suggest “Green Lantern” will move to Mexico or Canada. The NSW government announced in April it had secured the “Green Lantern” shoot at Fox Studios and production was to have started in November. Martin Campbell (“Casino Royale”) is set to direct Ryan Reynolds (“The Proposal”) in the big-screen comic book adaptation, which is set for a summer 2011 release.
The Warner Bros. decision is a blow to the Australian industry at a time when it’s lauding the release of “Where the Wild Things Are,” which was made in Victoria. Walden Media’s “Voyage of the Dawn Treader” is the only big budget offshore feature being shot here, at the Warner Roadshow Studios in Queensland. Big ticket animated features, “Guardians of Ga’Hoole” and “Happy Feet 2,” both of which Warner Bros. is backing, are in production in Sydney.
[Source] THR
