Disney Writing Down $50 Million at Movie Studio

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Walt Disney Studios

Walt Dis­ney Studios

The Walt Dis­ney Com­pany will record a $50 mil­lion write-down at its movie stu­dio divi­sion after halt­ing pro­duc­tion on an as-yet unti­tled stop-motion ani­mated film, an unnamed “source with knowl­edge of the mat­ter” told Reuters on Thursday.

Directed by Henry Selick, the movie was sched­uled for release in Octo­ber 2013, the source said.

Dis­ney chief finan­cial offi­cer Jay Rasulo dis­closed the amount of the write-down in remarks to ana­lysts at the Bank of Amer­ica Mer­rill Lynch con­fer­ence. “That will be a very short fourth quar­ter impact for us,” he said.

Selick directed such ani­mated films as Cora­line, James and the Giant Peach and The Night­mare Before Christ­mas.

Rasulo added that the enter­tain­ment giant didn’t get the sort of adver­tis­ing rebound that it had antic­i­pated over the sum­mer fol­low­ing the Olympics

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