The losses are largely attributable to to prints and advertising/marketing - and, as many commenters on the original post point out, a major recipient of that marketing budget would have been Warner's itself, in the guise of its other media divisions. Last summer, Deadline released this balance-sheet ("participation statement") detailing the alleged financial state of the corporate entity struck to run the Warner Bros movie "Harry Potter and The Order of the Phoenix." The movie, which had grossed nearly $1B at the time, was nevertheless running $167M in the red.
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