eOne has seen revenue fall and losses widen in its first-quarter results as a result of the Designated Survivor studio delivering fewer scripted series than last year.
The company reported revenues fell 7% in its first quarter, the three months to the end of June, to £173.1M (US$218.5M) from £185.7M the previous year. Its pre-tax loss also grew from £6.8M last year to £43.9M over the last three months.
This comes after toy giant Hasbro agreed to acquire the film, TV and music studio earlier this summer in a £3.3B deal.
Growth in its music, supported by the recent Audio Network acquisition, was offset by a lower performance in film and television which was largely due to variances in the timing and mix of deliveries compared to the prior period.
The business noted that the scripted TV market remains vibrant with commissions including Deputy for Fox and Canadian drama Nurses, which was renewed for a second season, and Phoebe Waller-Brige-produced Run. It has also recently scored series including Philly Reign, produced in partnership with Mary J Blige for USA Network, horror series Red Rose for the and a pilot for Anna K, a modern retelling of Tolstoy’s Anna Karenina set in New York City.
In unscripted television, eOne has Murder in the Thirst (BET), Love and Listings (VH1), Ex on the Beach (MTV), Strong Man (History) and Growing Up Hip Hop Atlanta (WeTV). A new four-part documentary series, Ready for War, was commissioned by Showtime to examine the cause and effect of deporting US military veterans. The series was produced in partnership with David Ayer and Chris Long’s Cedar Park, and executive produced by multi-platinum music artist Drake. It also recently acquired Daisybeck Studios in the UK and Blackfin in the U.S.
eOne claimed that its “transition” across its film operations were back on track with John Wick: Chapter 3 performing well in eOne territories as well as Scary Stories to Tell in the Dark.
Looking ahead, Queen and Slim, the first feature from Makeready, has completed production and is scheduled for release this November by eOne in its direct territories including the UK and Canada and by Universal in the U.S. and internationally. eOne also announced that it will be co-financing two films with Paramount Pictures – a film adaptation of the classic US children’s character Clifford The Big Red Dog and post-apocalyptic thriller Monster Problems. eOne will be distributing the releases in Canada and the UK and Paramount will be distributing in the US and the rest of world. eOne is also preparing for the release of 1917, a World War I epic from output partner Amblin.