Can ‘Line of Fire’ Cut ‘Action Hero’ Losses?

When things got grim in the musical “Annie,” the red-haired ragamuffin cheered herself up by singing “Tomorrow.” That’s something Columbia Pictures’ Mark Canton might also consider.

The studio chief is being pummeled for making “Last Action Hero,” the $80-million production starring Arnold Schwarzenegger that has taken in only about $30 million since June 17. Reports from the front suggest it is calmer in Bosnia than in Columbia’s executive suite, where it had been assumed that anything with Schwarzenegger’s name would be a sure-fire hit.

Columbia’s parent, Sony Pictures Entertainment, is expected to take a loss of $15 million to $35 million on the movie--depending on how the action-comedy performs overseas and on video. Sony has also curtailed spending in the wake of the production, sources say.

Tomorrow, in this case, is only 10 days away. That’s when Columbia releases “In the Line of Fire,” a Castle Rock Entertainment production starring Clint Eastwood as a Secret Service agent. The film is expected to do monster business, based on early word of mouth.

“In the Line of Fire” will surely divert some of the public fire from “Last Action Hero” if it draws the anticipated crowds, even though it won’t stem the flow of red ink.

Other pending releases also look promising, on paper at least. Among them: John Singleton’s “Poetic Justice,” Martin Scorsese’s “The Age of Innocence,” Merchant/Ivory’s “The Remains of the Day,” and three other Castle Rock productions, “Josh and S.A.M.,” “Needful Things” and “Malice.” Also coming up is “‘My Life,” from the same people who made “Ghost.”

Compare that to the first half of the year--during which stiffs such as “The Pickle,” “Hexed,” “Amos & Andrew” and “Lost in Yonkers” emerged--and the future slate looks even better.

“They desperately need hits now,” said one executive. “And they may have them.”

But industry sources also warn of two potential trouble spots down the road. “Striking Distance,” a high-profile thriller starring Bruce Willis, has been labeled a mess by insiders. Columbia spokesman Mark Gill disputed that, saying it has done well with test audiences.

The second is “I’ll Do Anything,” from director James L. Brooks. The studio puts the budget for the holiday release at $40 million, though others say it is closer to $60 million. Critics say that is a lot of money to gamble on a quirky musical comedy set inside Hollywood and starring two people not known for their singing, Nick Nolte and Albert Brooks.

Another costly failure is the last thing Canton needs since “Last Action Hero.” On the other hand, James Brooks has to his credit a strong track record in films such as “Terms of Endearment” and “Broadcast News.” For that reason alone, some people insist he can make the film work. “You just can’t write the guy off,” one fellow executive said.

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Neither can you write off TriStar Pictures, it seems. Columbia’s sister studio finally awakened from its long slumber, first with “Cliffhanger” and now with “Sleepless in Seattle,” which exceeded everyone’s expectations by taking in $17.3 million over the weekend.

TriStar Chairman Mike Medavoy can now smile with sincerity, as can executives at Sony, who have been stewing over the crush of negative publicity surrounding “Last Action Hero.”

The success of “Sleepless” says a lot about the thirst for romance, some say, but it also points to an invigorated box office--with “Jurassic Park” taking in $26.7 million in its third week, and other films, such as “Dennis the Menace,” also scoring impressive numbers.

Audiences spent $79.2 million at the box office last weekend, according to Entertainment Data Inc., which tracks moviegoing for The Times. While that is significant, it is not a record. The biggest late-June weekend was in 1989, when $95.5 million was spent. Business that summer was largely driven by the blockbuster “Batman.” EDI, however, sees the potential for further box office growth as “The Firm,” “In the Line of Fire” and other films come out.

A further boost in business would also help offset a disappointing spring. Lisbeth R. Barron, an analyst with S. G. Warburg & Co. in New York, estimated that theater attendance was down more than 10% this year for the period from April 14 to June 13.

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A Very Good Year? Things have taken a very strange turn on the hyperbole front. Studio executives unaccountably are using the word “very” as a yardstick of success. Then again, maybe it’s all a joke.

The very big trend started last week, when Columbia’s Sid Ganis pronounced himself “very, very, very” happy with the grosses from “Last Action Hero.” Warner Bros.’ Barry Reardon upped the ante on Sunday by saying he was “very, very, very, very” happy with the debut of “Dennis the Menace.”

His record didn’t even last a day. In the very same interview, TriStar’s Bill Soady pulled off a fiver, insisting he was “very, very, very, very, very” happy about “Sleepless in Seattle.”

Actuaries say that by Christmas, no film will be deemed a hit unless the word very is mentioned at least 108 times.