Disney made it official with an SEC filing after the markets closed Friday, saying it would take $1.5 billion in write-downs associated with removing streaming programming from its platforms.
The number came in on the low end of a range provided by the company last month when it released its quarterly earnings. (Read the new filing HERE.) Like other media companies, Disney has been looking to trim expenses in the once-fevered streaming arena, and removing programming has been one means of reaching that goal.
Rival service Max, the outlet recently rebranded by Warner Bros Discovery, has also drawn scrutiny for shedding a number of high-profile titles, though the removals are part of the larger reckoning with the daunting economics of streaming.
The long-promised nirvana for consumers of a nearly endless storehouse of available titles has collided with the reality of how much that costs to sustain, both in terms of technology and payouts to stakeholders in the programming.
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