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'Lion King' Roars To $185M At The Box Office, Exceeding Disney's Expectations

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'Lion King' Roars To $185M At The Box Office, Exceeding Disney's Expectations

Walt Disney Co (NYSE: DIS) set a new record after its remake of the animated classic "The Lion King" took in $185 million over the opening weekend.

What Happened

The strong performance surpassed Disney's own expectations at $150 million domestically.

"The Lion King" received an initial Rotten Tomatoes score of 55% from 260 reviews, but this didn't stop moviegoers from showing up in record numbers. The $185 million in domestic box office sales is a new record high for any movie opening in July. The previous record was held by "Harry Potter and the Deathly Hallows: Part 2," which collected $169.1 million in box office sales.

Why It's Important

Outside of the U.S., the movie collected $269 million, which brings its global opening box office sales above $500 million.

"The Lion King" happens to be the "perfect movie at the right time" and generated some "box office positivity" for the movie sector as a whole, media analyst Paul Dergarabedian told CNBC.

The strong performance surpassed Disney's own expectations at $150 million domestically.

It remains unclear if "The Lion King" will see its opening weekend performance sustain over the coming months but investors appear to be optimistic the film will perform well.

Shares of Disney were trading higher by 1% at $140.88 Monday morning.

Related Links:

What 'Toy Story 4' Means For Disney

'Lion King' Release Might Be A Good Time To Look At Disney's Stock

Posted-In: CNBC movies Paul Dergarabedian The Lion KingNews Events Media Best of Benzinga

 

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