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'Lego Movie' Shines But Is it Enough to Lift Time Warner?

NEW YORK (TheStreet) -- Like that Rascally Rabbit, Time Warner (TWX - Get Report) just keeps popping up.

Reports are hot and heavy about a sequel to Space Jam while Time Warner has confirmed there will be a sequel to the very successful Lego Movie. Shares of Time Warner have lost 6.5% in 2014 compared to the S&P 500 (^GSPC) which is just about flat on the year. Time Warner was adding 0.6% on Monday to $65.11.

Yet with a powerful slate of movies and television shows combined with the spin-off of Time Inc.'s troubled magazine business, investors should consider buying Time Warner on pullbacks, and holding for the long term.

Lego Movie has been a lovely success. The movie is currently winning the weekend revenue race having already crossed the $200 million mark, according to Rentrak. As of Sunday, Feb. 23, Lego Movie had a total box office haul of $276 million of which $183 million came from domestic theaters with the remainder from international markets. 

Those huge numbers are particularly impressive considering that the film cost about $60 million to produce. A sequel is scheduled to hit theaters in May 2017. Lego Movie had the second-biggest February opening weekend on record. Moving the sequel to the summer blockbuster season should position the movie to surpass the original.

Building on the success of the animated Lego Movie, Warner Brothers is reportedly ready to film a sequel to another animation hit, the beloved 1996 movie Space Jam. The original saw Michael Jordan team up with Bugs Bunny for a box office take of $27.5 million. Space Jam went on to gross $90.4 million in North America and $140 million worldwide.

The sequel to Space Jam is said to star LeBron James, according to Other NBA stars would likely play small roles in the movie. The original starred Michael Jordan and featured other NBA players, including Larry Bird, Charles Barkley, Patrick Ewing, Mugsy Bogues, Larry Johnson and Shawn Bradley.

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