CORRECTED - 'Transformers' breaks $200 mln in North America

(In paragraph 5, corrects to show that "Up" is now the biggest movie of the year so far)

LOS ANGELES, June 28 (Reuters) - The "Transformers" sequel was well on its way to becoming the biggest hit of the year so far at the North American box office, but narrowly missed the five-day opening record set last year by "The Dark Knight."

"Transformers: Revenge of the Fallen," a follow-up to the smash robot hit of 2007, earned an estimated $201.2 million during the five-day period since it blasted into theaters on Wednesday, distributor Paramount Pictures said on Sunday.

The Batman sequel -- the second-biggest film of all time before adjusting for inflation -- holds the five-day record with $203.8 million.

Still the "Transformers" sequel, which reportedly cost about $200 million to make, beat industry expectations. Earlier in the week, the Viacom Inc (VIAb.N)-owned studio had conservatively forecast a five-day haul in the $130 million to $150 million range. But industry pundits countered that a tally of at least $175 million was more likely.

The biggest movie of the year so far is "Up," which has grossed $250 million after one month of release across the United States and Canada.

"Transformers: Revenge of the Fallen" also opened internationally on Wednesday, but got an early start last weekend with a No. 1 bow in Britain and No. 2 in Japan behind a local release. Data for the current weekend were not immediately available.

The first "Transformers" was the third-biggest film of 2007 in North America, ending up with $319 million. It opened on the Monday before the July 4 holiday, so comparisons are difficult.

They have plenty in common though: director Michael Bay reunites with young stars Shia LaBeouf and Megan Fox. Robots rampage across the landscape, and things explode.

Critics were mildly favorable towards the first film, but mostly appalled by the sequel, according to Rotten Tomatoes (www.rottentomatoes.com), a Web site that analyzes reviews.

(Editing by Vicki Allen)