38 Years Ago, This Superman Movie Bombed So Badly It Made History!

Some films, notable ones at that, have performed so poorly at the box office that they ended up dragging their production companies down with them. For instance, “The Right Stuff” by Philip Kaufman, despite winning four Oscars, was the final blow for its producers. “It’s a Wonderful Life” by Frank Capra, a quintessential favorite among American cinema lovers, was the only film produced by Liberty Films; a company established in 1945 by film legends Frank Capra, David Tannenbaum, William Wyler, and Samuel J. Briskin.

“Superman IV” is not exactly a masterpiece. In fact, it’s quite the opposite. Nevertheless, it became the final nail in the coffin for its production company, founded in 1967, known for hosting films featuring Chuck Norris and various B-movie ninja flicks: the Cannon Group.

A Less Super Superhero

The original “Superman,” released in 1979 and directed by Richard Donner, which introduced Christopher Reeve, was a massive success, earning over $300 million at the box office. It was also a pivotal project for Warner Bros., which had invested a hefty $45 million—a significant amount at the time.

The budget reflected the high expectations from the public, as the superhero from the DC stable, created by Jerry Siegel, was at the height of his popularity. A total of three and a half years of preparation went into the movie, with filming lasting a year and a half across studios in England and locations in New York, New Mexico, and Canada.

“Superman II,” partly filmed concurrently with the first installment and produced on a budget of $55 million, continued to win over audiences a year later in 1980. However, its box office earnings were considerably lower at just $216 million, despite the inflated production budget.

Superman III, A Warning Bell

“Superman III” marked a turning point. The iconic tone of Richard Donner’s Superman film was gone, replaced by a confusing mix of comedic gags and action scenes. While not a complete failure, the lukewarm reception to “Superman III” was a clear warning about the franchise’s future, especially considering its modest box office return of just over $80 million.

In June 1985, Alexander Salkind and his son Ilya, the producers of the Superman series, sold the Superman rights to cousins Menahem Golan and Yoram Globus of the Cannon Group for $5 million. Christopher Reeve was initially reluctant to return for a fourth time, but a $6 million paycheck and the promise of having a say in the director’s selection and free rein over the script (which he would write) persuaded him to stay on.

In this fourth installment, subtitled “The Quest for Peace,” the superhero rids the world of nuclear weapons by hurling them into the sun, only for Lex Luthor to release a malevolent clone of the superhero powered by solar energy.

Danger at the Doorstep

“Superman IV” went into production during a financially tumultuous period for the Cannon Group, as it had taken on too many projects at once. “We were hampered by budget constraints and cuts across all departments. Cannon Films had nearly thirty projects in the works at the time, and Superman IV received no special attention,” Reeve wrote in his 1998 memoir, “Still Me.”

Shortly before, the studio had narrowly avoided bankruptcy after striking a deal with Warner Bros. Pictures, which provided a $75 million loan in exchange for distribution rights to its upcoming films, including “Superman IV.”

Even so, the film’s budget was drastically slashed from $34 million to $17 million. Additionally, 30 minutes of the film were cut during post-production. “Superman IV” grossed just over $30 million at the international box office—a significant flop.

As the Cannon Group desperately needed a box office hit, it also invested millions in a film adaptation of “Masters of the Universe,” which turned out to be another major commercial and critical failure.

This time, Cannon faced bankruptcy and an investigation by the SEC (Securities and Exchange Commission), which suspected the company of falsifying its financial reports. This led to the eventual sale of the company to Pathé Communications.

It quickly came under the control of MGM, but attempts to revive the studio failed, and it finally closed its doors in January 1994. It was later relaunched once again under the name New Cannon, Inc. but never regained the prestige of its early days.