Luc Besson, Europa. Corp Face Day of Reckoning With Shareholders Over Flop of ‘Valerian’ – Variety. Europa. Corp has weathered storms before, notably after the flop of Luc Besson’s pricey “Arthur” animated franchise in 2. But the studio, with record losses of $1. Valerian and the City of a Thousand Planets” trickle in. The failure of “Valerian” to live up to expectations has forced Besson’s 1.

July, to rethink its strategy and scale back its impressive ambitions. As executives gird for a Sept. Europa. Corp is now focused on slashing overhead and shrinking its lineup of films, sources close to the company say. After posting a $4. Europa. Corp began concentrating on building a slate of English- language movies to raise its global profile and seek bigger profits. The strategy worked with the three action- packed pics in the “Taken” franchise and Besson’s “Lucy,” each budgeted below $5.

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Lucy” grossed $4. Taken” films minted a total of $9. But the company hit a rough patch when it stepped into English- language films of diverse genres — “The Circle,” “Shut In,” “Nine Lives,” “Miss Sloane” — to feed the pipeline of its U. S. distribution venture, RED, which it launched with Relativity Media in 2. In the wake of “Valerian,” which cost $1.

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Europa. Corp is expected to cut its English- language slate to two to three movies per year, compared with five or six previously, with modest budgets from $2. The studio will continue to make two to three French films per year and will likely ramp up its TV business in the U. S., which has been profitable with franchise- based series such as “Taken.”As for reducing overhead, Europa. Corp has already laid off deputy CEO Edouard de Vesinne. Although he is not being blamed for “Valerian’s” lackluster performance, pulling him from the payroll will save Europa. Corp nearly half a million dollars in salary. De Vesinne, who was appointed in 2.

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French operations, played a key role in familiarizing CEO Marc Shmuger with the local industry. At a recent meeting inside Europa. Corp’s Paris headquarters, where one source called the atmosphere “chaotic,” staff was told there would be no mass layoffs. Asked last week whether job losses were imminent, a company spokesperson said merely that there was no layoff plan in place “as of today.” He acknowledged some “voluntary departures which had been planned for a while,” including the deputy head of sales, and “short- term contracts that were not being renewed.” Even Shmuger, who receives a salary of $2. Europa. Corp limited its exposure on“Valerian” to less than $1.

But at the same time, the studio was desperate for the film to perform well in order to build a new franchise and restore the company’s financial health. Neither of those goals is likely to be achieved. In fact, although Europa. Corp mitigated its financial risks on “Valerian,” it could still lose about $6. P& A in the U. S., where the movie’s failure to ignite sank its overall fortunes.

As of Sept. 1. 8, “Valerian” has grossed $2. In China, it has been moderately successful, grossing more than $6. Those earnings will go mostly to Shanghai- based Fundamental Films, which invested $5.

Europa. Corp. As Europa. Corp’s second- largest shareholder, with a 2.

Fundamental injected $6. But China’s crackdown on overseas entertainment deals could make that idea a nonstarter. Fundamental has declined to comment. Watch This Christmas Online This Christmas Full Movie Online. D-Frag Episode 5 English Dub on this page. Another potential bidder is Mediawan, the French buyout company launched by Xavier Niel, Matthieu Pigasse and Pierre- Antoine Capton, with an investment capacity estimated at €1. A move by Mediawan to buy Europa. Corp last spring was rebuffed.

But things might look very different now, post- “Valerian.”“One must learn to be patient,” Pigasse told Vanity Fair.