The New York Times reports that after a string of spectacular failures, Joe Roth says the time is up for his independent film company, Revolution Studios. In 2000, Roth founded the studio after serving as chairman at both 20th Century Fox and Walt Disney Studios. He had announced that he would start an independent studio that would create quality movies with modest budgets. He brought in investors, most notably Sony Pictures Entertainment, to share the cost.
In its first year, it produced the Academy Award-winning Black Hawk Down.
In 2003, the studio abandoned their budgetary strategy and spent more on films. Six of the 10 movies it released that year lost money.
Revolution had many hits, including America's Sweethearts (which Roth directed and which starred Julia. Roberts) and The Animal, a low-budget Rob Schneider comedy.
The movie Revolution may be best remembered for is Gigli, the $60 million dark comedy starring Ben Affleck and Jennifer Lopez that brought in only $5.6 million domestically.
Revolotuin will release Rocky Balboa this fall, the sixth film in the 30-year-old Rocky franchise. In it, a 59-year-old Sylvester Stallone stars as a boxer past his prime who returns to the ring for one last shot at being the champ.
Once Revolution closes its doors in October 2007, Roth will join Sony Pictures as a producer, making one or two movies a year. Roth says he expects to sell Revolution's 47-film library after the last movie is released in October 2007.