LOS ANGELES: Media and entertainment group Disney revealed Thursday an unexpected $50 million write-down at its movie studio and lower-than-expected summer advertising revenue at broadcaster ABC.
The write-down was linked to a project that was abandoned, said Disney's chief financial officer James Rasulo.
Although he did not provide further details, the Wall Street Journal cited an unnamed source as saying that the move concerned a stop-action animated film directed by Henry Selick, whose credits include "The Nightmare Before Christmas" (1993), which Disney pulled the plug on in August.
As for the lower advertising revenue, "we did not see the kind of rebound after the Olympics that we thought we would see," Rasulo told an analyst conference.
But he insisted that by the first quarter of the fiscal year, which begins October 1, the company would be in solid standing.
Disney shares closed Thursday up 1.74 percent at $52.60.
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