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According to last week’s quarterly earnings call, Warner Bros. Discovery confirmed the write-off of $115 million in content due to canning movies in the third quarter of 2023. As reported in The Hollywood Reporter, this as part of a strategic realignment plan associated with the Warner Bros. Pictures Animation group.
Coyote vs. Acme is one of those affected. Warner’s is relaunching its theatrical animation division under Bill Damaschke with a roadmap being built to produce two movies per year from 2026.
The $80 million budgeted Coyote vs. Acme is not confirmed as part of the write-downs as a line item, but it would potentially make up a big chunk of total. Warner Bros. Discovery has declined to comment on specifics.
There was an outcry late last year when the plans to scrap the movie became public. It looked like they may change course and preserve the movie, or allow the producers to shop it around for another distributor. Multiple buyers placed bids. One was for $40 million. All were rejected as a write-down appears to have offered Warner Bros. more short-term value.
Hollywood looked on in stunned amazement as new head honcho Zaslav canned Batgirl and Scoob! Holiday Haunt for tax write-offs. A trend that could catch on in the notoriously uncreative boardrooms of Hollywood.
Warner Bros. Discovery shares sank 10% by the end of the days trading.
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