There's no disguising the truth that Green Lantern has thus far been a box office failure, both here in the U.S. and worldwide. Box Office Mojo puts the domestic gross at $91 million through Friday. The total rises to $120 million if you count overseas viewings in the gross.

With numbers like that, you'd think Time Warner (NYSE: TWX) would move on rather than make a sequel. Not so fast. According to The Hollywood Reporter, Warner Bros. is mulling a second go at putting DC Comics' Emerald Knight on the big screen. (An initial THR report said studio executives already decided on a sequel.)

This is what happens when you let a wizard run your world. Harry Potter, in this case.

Since Hogwarts first arrived on the big screen in 2001, Warner Bros. has reaped the windfall from more than $6 billion in worldwide box office receipts. Operating profit from filmed entertainment exceeded $1.1 billion last year, more than double 2001's total. Finding a replacement for Harry Potter is key to growing that profit base.

Yet investors skeptical of the wisdom of staying with the Lantern franchise may have a point. The original trailer impressed few, in part because it emphasized comedic timing over epic adventure. See for yourself: