Loved Those Old Movies?

Much is being made about “Lost in Space” sinking “Titanic” this weekend, but in many ways, the more interesting tale involves “Grease,” a 20-year-old picture currently in its second week of re-release, at No. 4 on the box-office charts.

In its 10 days of re-release, in fact, “Grease,” the ‘50s-themed musical starring John Travolta and Olivia Newton-John, has grossed a stunning $20.2 million; its opening weekend take of $12.7 million grabbed the title of fourth-highest opening weekend ever for a re-release--trailing only last year’s “Star Wars” trilogy.

“The entertainment value of this film is not dated,” said Rob Friedman, vice chairman of Paramount Pictures’ Motion Picture Group, which re-released “Grease.” “The music is still music you can tap your foot to.”

Re-releases aren’t an entirely new idea: Disney has successfully re-released its animated hits (including “The Little Mermaid” last year) for years. Restored versions of such classics as “Lawrence of Arabia” and “Blade Runner” have done respectable business. But with the success of “Grease” and “Star Wars”--and with anniversaries of films from “The Big Chill” to “Gone With the Wind” approaching--expect to see even more.

Most will be shown on far fewer screens than “Grease” was. Why? For one thing, “Grease”--like “Star Wars”--was one of those rare films that never really went away, though “Grease” may have existed beneath many people’s (especially men’s) radar screens. According to VideoScan, the video was the 14th-top-selling video of last year; the stage play has had a successful revival on Broadway, and the soundtrack has remained popular. Finally, “Grease” has attracted fans of all ages--a critical element for a wide re-release.

The Orson Welles-directed “Touch of Evil,” on the other hand, will get a much more limited release by Universal Studios’ October Films, after the restored version debuts at the Cannes Film Festival in May. The 1948 noir-ish picture will likely see a release pattern similar to last year’s Universal re-release of Alfred Hitchcock’s “Vertigo.” That film’s radiant new print attracted only a core aficionado audience in its late 1996 re-release, garnering just $1.8 million at the U.S. box office.

One film that is expected to do “Grease”-sized business in re-release a whopping 60 years after its original debut is “The Wizard of Oz.” Despite being available for years on video and free television, Warner Bros. president of domestic theatrical distribution Barry Reardon thinks a whole new audience will flock to theaters to see it on the big screen. “Quite simply, it’s a classic,” said Reardon. “We think people of all ages will want to see it in event-type theaters, like the Mann’s Chinese.”

Reardon said Warner Bros. has spent about $2 million to restore “Oz.” Many films are being restored, as studios recognize the need to preserve their greatest asset, their libraries; as that happens, studios routinely mull which ones could gain from a theatrical re-release before being relaunched on video.

Warner Bros. has previously re-released such films as “Blade Runner” and “Taxi Driver” for limited runs; after debuting a revamped version of “The Exorcist” as part of a traveling festival celebrating Warner’s 75th anniversary this spring, the studio may decide to re-release that 1975 horror classic.

Warner came by “Oz” through its deal with Ted Turner; Turner bought the rights to a number of classic MGM films, including “Oz” and “Gone With the Wind,” when that studio was in flux in 1984. Warner Bros. sister company New Line will re-release “Gone With the Wind” in a restored version this summer, in anticipation of that film’s 60th anniversary. New Line distribution president Al Shapiro said the film is expected to get a medium-sized release--not on the level of “Grease,” but certainly more than the handful of screens that many re-releases get.

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Sony plans limited releases of “The Big Chill” and “Funny Girl” this year, for their respective 15th and 30th anniversaries. “We’ve never taken on a wide re-release, though we talk about it,” said Jeffrey Blake, president of Sony Pictures Releasing. “It’s really tough to put your finger on which ones would really have a big impact . . . perhaps something like ‘Ghostbusters’ or ‘Close Encounters of the Third Kind’ could.”

Especially given the huge number of new movies competing for attention at theaters and in advertising, even releasing films that are proven big hits is not an unrisky proposition.

“You’re still talking about millions of dollars,” said Tom Sherak, chairman of 20th Century Fox’s film group, which re-released the record-shattering “Star Wars” trilogy last year. Millions of dollars were spent in advertising alone on “Star Wars” and “Grease”; Fox spent millions more to clean up and add new scenes to “Star Wars” per George Lucas’ specifications.

In Fox’s case, the investment proved well worth it. Though Sherak says Fox has no immediate plans for any more re-releases, he says of “Star Wars”: “I’ll tell you, when it works, it’s a lot of fun. Nobody could’ve predicted what happened [with “Star Wars”].”