Warner Bros cancel two completed movie releases costing $130 million: ‘Unprecedented s***! | Films | Entertainment
Since the news, Scoob! Holiday Haunt writer and producer Tony Cervone has written on Instagram: “Yes, I am afraid this is true. The movie is practically finished and turned out beautifully. I am beyond heartbroken.”
One rival studio executive has anonymously said: “Worked in this town for three decades and this is some unprecedented s*** right here.” So just what is going on?
According to Deadline’s sources, in both cases, the filmmakers have been told the reason was a “purchase accounting” manoeuvre that is currently available to Warner Discovery after changing hands – a tax break which expires in mid-August.
This means the company doesn’t have to carry losses on its books when dealing with $3 billion of debt.
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