With the success of the romantic comedy, Warner Bros. is exploring the idea of a ''New Year's Eve'' sequel

By Nicole Sperling
Updated February 19, 2010 at 05:00 AM EST

Warner Bros. perfectly positioned Valentine’s Day, the movie, to take advantage of Valentine’s Day, the holiday. Despite dismal reviews from critics (see our F review here) and a so-so CinemaScore, the romantic comedy starring everyone from Julia Roberts to Taylor Swift to Bradley Cooper grossed $63.1 million for the best-ever President’s Day weekend release.

Now New Line, the Warner Bros. subsidiary that produced the film, is hoping for more magic with another holiday-themed project: New Year’s Eve. Studio sources say the script from Valentine’s writer Katherine Fugate came in last week, and while they want Valentine’s director Garry Marshall back, he’s not yet attached.

Could this redux have the same mojo as V Day? It may be hard. ”Valentine’s Day is a huge moviegoing holiday because there’s nothing else to do,” says one rival marketing exec. But that’s not usually true for New Year’s Eve. ”When New Year’s Eve hits on a Friday or Saturday, it gives studio execs a stomachache,” says box office analyst Paul Degarabedian. If that’s the case, might we suggest Memorial Day?