The Walt Disney Company will reportedly get a write-down worth $1.5 billion during the fiscal third quarter after it struck over 30 shows off its streaming platforms Disney+ and Hulu last month.
The shows, numbering more than 30, include The World According to Jeff Goldblum, Y: The Last Man, The Mighty Ducks, Turner & Hooch, Willow, Maggie, Dollface, and Cheaper By the Dozen.
The Hollywood Reporter broke this news which it attributes to a Friday filing with the Securities & Exchange Commission. The online publication also revealed that Disney's move is an attempt to decrease losses that arise from streaming costs.
Earlier, during the earnings call for May, Disney's Chief Financial Officer, Christine McCarthy, revealed that the media conglomerate will receive over $1.8 billion in impairment charges as a result of this decision.
Friday's filing suggests she was on track. In it, the company said that it is still reviewing its content library and will remove more content during the third quarter of this year. More importantly, Disney noted that it expects to get a further write-down north of $400 million when it does this.
Although fans of the deleted shows will be disappointed, Disney has already seen improvements in its bottom line from this decision. For the second fiscal quarter of this year, the company reported a loss of $659 million.