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 sai…
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. By writing down the value of the content assets, Disney can remove that from its balance sheet and reduce its tax bill., including series “Willow,” “The Mysterious Benedict Society” and “Dollface,” and movies such as “The One and Only Ivan.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Top concert picks for this weekend in San Diego: June 2-June 4Our recommendations include the 2nd annual Julian Town Square Music Festival, jazz virtuosos Pasquale Grasso and Konrad Paszkudzki at Dizzy's, and Arts Fishing Club at Soda Bar
Consulte Mais informação »
The best movies on Disney+ right now (June 2023) | Digital TrendsIt's in a slowdown for exciting originals, but Disney+ has some of the best movies to stream thanks to legacy additions like Spider-Man 2 and Indiana Jones.
Consulte Mais informação »
Shareholder values Elon Musk’s Twitter at $15 billion, a $29 billion mistake?Twitter is worth just one-third of what Elon Musk paid for, according to Fidelity, which recently marked down the value of its equity stake.
Consulte Mais informação »
Friday is National Donut DayNational chains like Dunkin' Donuts and Krispy Kreme are giving away free or discounted doughnuts to celebrate NationalDonutDay. In Utah, those chains plus Shipley Do-Nuts, Maverik, and Duck Donuts have free or discounted doughnuts today. 🍩
Consulte Mais informação »
'Mama June: Family Crisis': Which Daughter Shows Up for Bridal Shower?Get a look inside June Shannon's bridal shower in an exclusive clip from the upcoming episode of 'MamaJune: Family Crisis.'
Consulte Mais informação »
Lottery for Tovrea Castle tickets opens Thursday, June 1A Tovrea Castle representative says due to an overwhelming demand for tickets, the Tovrea Carraro Society determined a lottery ticket system is the only fair mechanism for distributing tickets.
Consulte Mais informação »