It’s officially time to put the “Karate Kid” franchise to bed, perhaps permanently. Sony Pictures had hoped to cash in on the ’80s brand’s surprising resurgence in popularity thanks in no small part to Netflix’s “Cobra Kai.” Unfortunately, the same audience that made that show a huge, unexpected hit didn’t turn out to watch “Karate Kid: Legends” in theaters over the weekend.

Directed by Jonathan Entwistle, “Legends” opened to an estimated $21 million domestically over the weekend, which was good enough for third place on the charts. However, it came in well behind Disney’s live-action “Lilo & Stitch,” which continued its massive box office run with another $63 million after its record-setting Memorial Day debut. On that same note, “Mission: Impossible — The Final Reckoning” held well enough to retain the number two spot with $27.3 million.

Overseas, the latest entry in the “Karate Kid” franchise pulled in an estimated $26 million for a $47 million global debut. That’s not terrible for a movie with a $45 million budget, but it was also well below pre-release estimates, which had “Legends” taking in at least $30 million just a couple of weeks ago. The downward trajectory heading into opening weekend wasn’t a good sign. Now, the movie has to contend with a crowded summer calendar, with heavy-hitters such as “Ballerina,” “How to Train Your Dragon,” and “28 Years Later” arriving in the coming weeks. There’s not a lot of reason to believe that it will leg out particularly well.

“Legends” centers on Li Fong (Ben Wang), a teenager who moves to New York City to attend a new, prestigious school. Unfortunately, it’s not long before he attracts the attention of a local karate champion, forcing Li to find a way to defend himself. As a result, he seeks to enter a karate competition with the help of his kung fu teacher Mr. Han (Jackie Chan) and the legendary Daniel LaRusso (Ralph Macchio).

On paper, it seemed like a good enough idea to try and unite the entire “Karate Kid” universe under one roof. 2010’s “The Karate Kid” starring Jackie Chan and Jaden Smith was an unexpected hit, pulling in $359 million worldwide after a $55 million opening that summer. But rather than have that exist as a remake, Sony and Entwistle opted to bring Chan’s Mr. Han into the same universe as Ralph Macchio’s Daniel LaRusso with “Karate Kid: Legends.” Think of it as the “Spider-Man: No Way Home” of the “Karate Kid” universe, so to speak.

The problem is that “Legends” hardly connects to “Cobra Kai” at all. At the very least, those connections were not explicit in the movie’s marketing and the only reason this franchise has relevance in 2025 at all is because of the unexpected success of that show. Maybe for legal reasons Sony couldn’t outright use “Cobra Kai” as a springboard, but that proved to be an issue. Without those younger fans who only know this property from “Cobra Kai,” “Legends” amounts to little more than another attempt to revive an ’80s brand for people who don’t go to movie theaters as much as they used to.

Again, this film won’t end up being a total flop thanks, in no small part, to its reasonable production budget. “Legends” has also been met with decent-to-mixed reviews, with an A- CinemaScore that suggests good word of mouth from audiences who did see it. As such, it may yet leg out against the odds. But while it may yet turn a profit, it’s unlikely to make enough money to justify pursuing a direct sequel. With “Cobra Kai” over after a six season run, it’s clear that the franchise has nowhere left to go. It’s time to wrap things up.

“Karate Kid: Legends” is in theaters now.