NEW YORK (

TheStreet

) --

The Chronicles of Narnia: The Voyage of the Dawn Treader

underperformed during its opening weekend, bringing in $24.5 million from ticket sales for

News Corporation

(NWSA) - Get Report

.

In comparison, the first two films of the series each brought in close to $60 million for

Disney

(DIS) - Get Report

during their opening weekends.

Walt Disney and

Narnia

producer

Walden Media

entered a non-exclusive production arrangement in 2002 through which Disney financed and distributed the first two films, based on the fantasy book series written by C.S. Lewis.

The first

Narnia

movie,

The Lion, the Witch and the Wardrobe

, brought in $65.6 million during its first weekend in the U.S. in 2005. The second movie,

Prince Caspian

, opened in 2008 and brought in $55 million in its first weekend.

Prince Caspian's

total worldwide sales were down 43.6% to $420 million from the first movie's $745 million.

In December of 2008, Disney said it would not finance the third

Narnia

film, citing "budgetary and logistical reasons," according to

The Hollywood Reporter

.

After Disney refused to work with Walden on the third installment of the franchise, the

Narnia

producer struck a deal with News Corp.'s Twentieth Century Fox to back the next film.

The franchise seems to be losing steam as

The Voyage of the Dawn Treader

is on track to underperform both of its prequels. So far the film has brought in $105 million worldwide.

News Corp.'s filmed entertainment segment accounts for more than 20% of revenue source. Revenue from its filmed entertainment segment was

down 1.2% in the first quarter to $1.5 billion

from $1.52 billion. The decrease was due to the difficult comparison to 2010's first quarter results, which included earnings from the success of

Ice Age: Dawn of the Dinosaurs

, which was the highest international grossing animated film of all time.

-- Written by Theresa McCabe in Boston.

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