At the same time, CEO Bob Iger told investors last weekA Disney rep confirmed that dozens of titles will be pulled off Disney+ and, starting on Friday, May 26. On the earnings call, CFO Christine McCarthy said Disney expects 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.
“We are in the process of reviewing the content on our [direct-to-consumer] services to align with the strategic changes in our approach to content curation,” McCarthy told investors. “As a result, we will be removing certain content from our streaming platforms.” Iger said Disney is “confident that we’re on the right path for streaming’s long-term profitability” and that as part of that the company would be “rationalizing the volume of the content we make and what we’re spending.” He also announced that in the U.S. by the end of 2023 for subscribers of both services.
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