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:

Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He owned shares of Time Warner and Walt Disney at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Twitter as @milehighfool. You can also get his insights delivered directly to your RSS reader.

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