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