Disney's 'Oz' isn't entrancing the critics

Walt Disney (DIS) has bet about $225 million that moviegoers will be eager to see "Oz the Great and Powerful," its much-hyped prequel to "The Wizard of Oz." Unfortunately, it has gotten scathing reviews from major film critics ahead of its opening weekend.

The Washington Post's Anne Hornaday notes the film "constantly falls short of the inflated expectations it has set up for itself." Joe Morgenstern of The Wall Street Journal faults Disney for "betting vast sums of money on a film with a questionable concept, a prequel that not only invites but demands comparison to a peerless treasure of American culture." Writing in The New York Times, Manhola Dargis describes the film as an  "dispiriting, infuriating jumble of big money, small ideas and ugly visuals."

Hollywood's newest strategy is to put a new twist on old stories, but they've had a tough time pulling it off. Time Warner's (TWX) "Jack the Giant Slayer," a dark retelling of "Jack and the Beanstalk," bombed at the box office as did 2012's "Rise of the Guardians," which featured a menacing Santa Claus and Easter Bunny.

Wall Street isn't pulling the curtain on "Oz" yet. Lazard Capital analyst Barton Crockett expects the film to gross about $400 million, fueled by a strong performance overseas, according to Bloomberg. Perhaps the film may be immune from the pointed barbs of professional critics. The Journal notes that surveys of moviegoers indicate the film may gross about $80 million in its opening weekend and that interest is strong overseas.

"Disney is marketing 'Oz' heavily, running interviews with the stars on the otherwise ad-free Disney Channel and sneak previews at its California Adventure theme park," Bloomberg says. "The company closed Hollywood Boulevard for the premiere, erecting a big balloon evoking memories of the 1939 film."

Under CEO Robert Iger, Disney has tried to create "tent pole" franchises, brands that generate sales through multiple films and consumer product sales. As part of that strategy, Disney last year acquired LucasFilm from "Star Wars" creator George Lucas for $4 billion and announced plans to produce more films in that beloved franchise. It acquired Marvel Entertainment for $4 billion in 2009 and acquired the Muppets from Jim Henson Co. in 2004 for an undisclosed price.

--Jonathan Berr does not own shares of the listed shares. Follow him on Twitter @jdberr.
 

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