May 23 (Bloomberg) -- Time Warner Inc., the world's largest entertainment company and a newcomer to theatrical producing, said ``Lestat'' will close on Sunday after five weeks. It's the third multimillion-dollar vampire musical on Broadway to fail at the box office since 2003.

The show, which Variety reported cost $10 million, opened in New York on April 25 to dismissive reviews after caustic notices in San Francisco. Elton John collaborated with Bernie Taupin to create a forgettable score. Anne Rice's vampire novels were the inspiration.

While the musical is a first for Warner Bros. Theatre Ventures, it won't be the last, Executive Vice President Gregg Maday said.

``We have learned a great deal during this process and remain committed to producing exciting projects for the Broadway stage, adapted from our deep, rich library,'' he said in a statement.

``Dance of the Vampires,'' starring Michael Crawford and with music by Jim Steinman, closed in January 2003 after 56 performances. ``Dracula, the Musical,'' with music by Frank Wildhorn and best known for a split-second nude scene by ``Pajama Game'' star Kelli O'Hara, ran 157 performances, ending Jan. 2, 2005.

Warner Bros. cut its losses on ``Lestat'' relatively quickly. It could have held out for a potential though unlikely bounce from the June 11 live telecast of the Tony Awards. The show was nominated for two Tonys: for featured actress Carolee Carmello and for costume designer Susan Hilferty.

Slipping Sales

Yet grosses declined for the past three weeks, to $448,525 in the most recent week. The show played to 53 percent capacity in that week, according to the League of American Theatres and Producers. A ``Lestat'' spokesman declined to disclose the costs of the show, which has a cast of 17 and special effects that include a small fire onstage.

Carmello had held out hope for new life. ``There are millions of Anne Rice fans,'' she said in an interview last week following her nomination. ``If we can tap into a small portion of that, we'll be in good shape.''

The flop ends a winning streak for Elton John, who wrote the music for the Walt Disney Co. hits ``The Lion King,'' now in its ninth year on Broadway, and ``Aida.''

To contact the reporter on this story: Philip Boroff in New York at pboroff@bloomberg.net.

Last Updated: May 23, 2006 20:05 EDT