Netflix Writes Off $39M In Abandoned Projects

Despite record subscriber additions, Netflix has announced that it has taken a $39 million write-down on its Q4 2017 earnings.

Netflix CFO David Wells says the write-down is due to a certain high-profile project that they have “decided not to move forward with” and the project’s cut is “related to the societal reset around sexual harassment.”

This immediately led to speculation about the comment being directly related to “House of Cards” star Kevin Spacey and his exit from that series. Added to that is the abandoning of the planned biopic of Gore Vidal starring Spacey, and the pulling of the plug on a stand-up special from Louis CK.

Shareholders aren’t fussed though as the results announcement confirms the company is beating expectations. Shareholders are rewarding that by driving up the price of each share to record highs.

Source: Variety