Steven Spielberg has roped in cable television veteran to run his struggling DreamWorks studio.
Formerly head of programming for TNT, TBS and Turner Classic Movies, Michael Wright
left his position due to changes regarding Time Warner Inc. cable-TV Net work. As of Thursday, 4 September, Wright has been functioning as the chief executive of DreamWorks.
DreamWorks has been in financial distress from a series of early flops after the studio’s 2011 relaunch. Wright takes on the reins, when for the last three years the studio has only been able to afford the release of two films each year, which is far below their previously set goal.
The last time the company came out with a hit movie was “Lincoln” in 2012. The high-stakes adaptation of the videogame “Need for Speed” sputtered at the box office, and “The 100-Foot Journey,” this summer’s low budget drama, has made a decent performance.
According to people close to the company, DreamWorks receives support from Reliance Entertainment in India, which has lost money and invested more than $400 million.
DreamWorks president Jeff Small recently stated that the studio currently has the resources to make up to four pictures per year.
The primary focus now of Disney is on making franchise films based on intellectual property, which it already has or is associated with closely, like Marvel’s superhero movies and Maleficent, a recent hit, along with animation. There hasn’t been a good fit with DreamWorks’ output, which have been mainly live-action dramas.
Next week Spielberg will start directing a Cold War spy thriller starring Tom Hanks, followed by an adaptation of Roald Dahl’s children’s book The BFG, which will both be co-financed by DreamWorks.
To be released in 2015, the drama “The Light Between the Oceans” is in the works by the studio.
Wright spoke about his change to movie making saying, “I absolutely have a lot to learn. I want to see us make films that reflect well on Steven and on the brand.”