‘Watchmen’ countdown: Hollywood is counting on the capes

The 38-year-old Mr. Tull is part of a new generation of film and TV executives who were raised on videogames and comics and are now turning those childhood obsessions into big-budget realities. Last year’s ‘The Dark Knight’ is the second-highest grossing film ever in the U.S., bringing in more than $500 million at the box office. Popular TV shows like ‘Heroes,’ ‘Lost,’ and ‘Smallville’ draw heavily on the imagery and themes of comic-book culture. Directors such as Joss Whedon and writers like Brian K. Vaughan jump back and forth between comics, movies and other media attract thousands of fans at entertainment conventions. Hollywood has embraced these executives because they have the inside track on a coveted audience: teenage boys. ‘Watchmen’ is the greatest professional challenge yet for Mr. Tull, who, among other things, used to be in the coin-laundry business before launching Legendary. The company, which has a production deal with Warner Bros., put up about half of the $100-million budget for ‘Watchmen.’ Unlike ‘Dark Knight,’ which featured heroes and villains such as Batman and the Joker who are familiar to people who don’t read comics, the new film doesn’t rely on any well-known characters. And while ‘Dark Knight’ starred Christian Bale and Heath Ledger, ‘Watchmen’ doesn’t feature any big-name actors.

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For the movie industry, ‘Watchmen’ is the first big test of the year. Financing films has become increasingly difficult as the global credit-crunch has tightened wallets. But despite the recession, box-office returns in 2008 were about even last year compared with the previous year, in part due to the success of ‘Dark Knight.’ So far this year, box office is up about 14%, according to Box Office Mojo. Although Warner Bros. has marketed ‘Watchmen’ heavily and it faces little competition upon its release, the film is not a sure thing. Doug Creutz, vice president of equity research at Cowen & Co., says the movie’s R rating and graphic content could deter some moviegoers -- and prevent the target audience of teen boys from seeing it at all. The movie features a long scene of superhero sex and a number of violent scenes throughout, including some particularly bloody ones in a prison-escape sequence. It’s also a long film, clocking in around 2½ hours. Mr. Creutz doesn’t think the film will bomb, and notes that ‘300’ faced similar hurdles. But he says that if ‘Watchmen’ isn’t a blockbuster, ‘I think Warner Bros. might be disappointed.’ The comic-book version of ‘Watchmen,’ a dark tale about a world where superheroes are banned and must operate underground, was written by Alan Moore and illustrated by Dave Gibbons. First released as a series in 1986 and 1987, it was hailed for its subversion of comic-book clichés. Superhero tales typically focus on battles between good and evil. The characters in ‘Watchmen,’ however, are flawed and complex, and the moral choices they make are difficult and messy. The comic’s serpentine story is laced with references to poetry, philosophy and music, and features numerous tangents, including a subplot about a sailor lost at sea. ‘We were doing things that hadn’t been seen before in the superhero genre. I mean, we had a full-frontal nude male,’ says Mr. Gibbons.