Lionsgate Studios Corp. (NYSE:LION) is trading 9.36% higher in Monday pre-market after the production’s Michael Jackson biopic, “Michael,” has set a new record with its $217 million global box office opening over the weekend.
The film, co-produced by the Jackson estate and starring the King of Pop’s nephew, Jaafar Jackson, as the lead, generated $97 million in North American theaters and $120.4 million internationally. This has resulted in the film setting the record for the highest-grossing biopic opening of all time, reported Forbes, citing early estimates from Hollywood trade publications.
The film has been launched in most parts of the world, with a release in Japan, known for its large Jackson fanbase, scheduled for June.
Adam Fogelson, the chairman of Lionsgate, shared his optimism with Associated Press about the film’s performance, stating that they had witnessed “massive engagement with every conceivable audience segment.”
Plans for a sequel are already in the works, with Fogelson saying the possibility of a third film is “not inconceivable.”
AMC Entertainment (NYSE:AMC) said that Michael delivered the strongest biopic opening in box office history and drew large global audiences. CEO Adam Aron praised the film’s reception, citing strong audience reactions and positive word-of-mouth, and expects sustained theatrical momentum in the coming weeks.
Film Sets New Music Biopic Milestone
The film set new box office records, achieving the biggest opening weekend ever for both a music biopic and a general biopic. It surpassed the previous music biopic record held by Straight Outta Compton (2015), which earned $60.2 million, and the overall biopic record held by Oppenheimer (2023), which opened with $82.4 million.
“Michael” has become the second-biggest debut of 2026, overtaking Amazon.com Inc (NASDAQ:AMZN) hit “Project Hail Mary.” but trailing “The Super Mario Galaxy Movie,” which still holds the top opening.
Reshoot Struggles, Costly Fixes
The film “Michael,” directed by Antoine Fuqua, was widely criticized and faced costly reshoots after scrapping an ending addressing past controversies surrounding Michael Jackson, with production costs reportedly rising by up to $50 million.
To recoup the nearly $200 million production cost, Lionsgate sold international distribution rights to Universal Studios, a division of Comcast Corporation (NASDAQ:CMCSA). However, Fogelson told AP there was no panic at the studio, describing the situation instead as a unique and challenging circumstance.
Despite critics’ claims that the film overlooks some controversial aspects of Jackson’s life, audiences have reacted positively, with a 97% audience score on Rotten Tomatoes.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: shutterstock
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