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Disney Plus, Hulu Scrap Shows as Walt Disney Reports $1.5B Write-Off Charge
The Walt Disney Company appears to be in a difficult situation as it has taken a $1.5 billion impairment charge for the deletion of some shows and movies from its Disney Plus and Hulu streaming site.
It was reported that The Walt Disney Company removed dozens of content from the merged Disney+ and Hulu, and this was revealed through its recent filing with the U. S. Securities and Exchange Commission (SEC). As per Mashable, the mass media and entertainment conglomerate took down some popular series such as “Y: The Last Man” and “Willow” in May.
The publication explained that this means that Walt Disney was granted a tax write-off for trimming down a lot of content from its Disney Plus and Hulu streaming platform. In the SEC filing, it was disclosed that the company is set to take down more content in the third quarter of fiscal year 2023.
In simpler words, the company is scrapping more movies and shows, and subscribers will notice this in the coming months. It was noted that this was the same strategy that was applied by Warner Bros. Discovery last year to avoid more losses.
At any rate, The Walt Disney Company reported a $1.5 billion write-off charge for discarding content from Disney Plus and Hulu. It was further indicated in the company’s SEC filing that it is expecting an additional $400 million in impairment charges as it will be cutting more content.
In its aim to lower taxes and other charges, the company Disney took down over 50 titles. Aside from the two shows mentioned, it got rid of “The Mysterious Benedict Society,” “The Mighty Ducks,” “Cheaper by the Dozen,” and “Dollface.” Finally, the company will axe more content, and unfortunately, it could include more popular titles.