Warner Bros. slashed the 'Beetlejuice Beetlejuice' budget by $50 million, fearing it would flop. It made $264 million in two weeks.

• The New York Times reported that "Beetlejuice Beetlejuice" was nearly not released in theaters.
• The Times reported Warner Bros. wanted to put the film on Max to avoid a box office flop.
• Tim Burton was asked to cut the budget to $100 million, but the film has already made $264 million.

Warner Bros. made director Tim Burton cut the budget for "Beetlejuice Beetlejuice" by almost $50 million in order for it to get a theatrical release, The New York Times reported.

"Beetlejuice Beetlejuice" has been September's biggest box office hit. It's the latest legacy sequel to resonate with audiences following the success of "Twisters" and "Bad Boys: Ride or Die" in the summer.

However, the Times reported on Sunday that discussions over cost and distribution prevented "Beetlejuice Beetlejuice" from being made for over a decade. At one point, Warner Bros., the studio behind the film, wanted to release it on their streaming platform Max instead of in theaters.

Eventually, Warner Bros. co-chairs Michael De Luca and Pamela Abdy reached a deal with Burton that he would cut the budget from $147 million to $100 million so it could be released in theaters. The Times reported that this reduced the risk of the film failing.

Warner Bros. may have been cautious for multiple reasons. While sequels to beloved older films, such as "Top Gun: Maverick," have had great success in theaters, prior to "Beetlejuice Beetlejuice," Burton hadn't had a box-office hit for over a decade. Plus, the first "Beetlejuice," released in 1988, only made $74 million.

The Times reported that Burton, some of the "Beetlejuice Beetlejuice" producers, and stars Winona Ryder, Michael Keaton, Jenna Ortega, and Catherine O'Hara eventually agreed to be paid less upfront in exchange for a larger cut of profits from the film. The film also received tax cuts and other cuts to shooting costs to lower the production budget to $99 million, The Times reported.

But the gamble on movie theaters paid off.

"Beetlejuice Beetlejuice" made $264 million in two weeks since it was released on Sept 6. "Beetlejuice Beetlejuice" was a necessary win for Warner Bros. after other would-be blockbusters, such as "Furiosa: A Mad Max Saga," failed to hit.

Representatives of Warner Bros, Burton, and the "Beetlejuice Beetlejuice" cast did not immediately respond to a comment request from Business Insider.