Bob Iger Christine Maccarthy Todd Spangler Ny show record Digital CEO SEC Platform Bill streaming services Bob Iger Christine Maccarthy Todd Spangler Ny

Disney to Take $1.5 Billion Content Write-Off Charge in June Quarter After Pulling Dozens of Titles From Streaming Services

Reading now: 474
variety.com

Todd Spangler NY Digital Editor Disney, after removing dozens of shows and movies from Disney+ and Hulu last week, said it will incur a $1.5 billion impairment charge for the June quarter.

In an SEC filing Friday, the company said that on May 26, 2023, it removed “certain produced content” from its direct-to-consumer streaming services.

As a result, Disney will record a $1.5 billion impairment charge in its fiscal third quarter financial statements “to adjust the carrying value of these content assets to fair value.” Disney said it’s continuing to review content on streaming platforms and “currently anticipates additional produced content will be removed from its DTC and other platforms, largely during the remainder of its third fiscal quarter.” As a result, Disney currently estimates it may incur further impairment charges of up to about $400 million related to produced content.

On Disney’s earnings call last month, CFO Christine McCarthy had said the company expected to take a write-down in the June quarter of $1.5 billion-$1.8 billion from removing content from its streaming platforms.

Read more on variety.com
The website starsalert.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA