Tag

Tax Write Off

All articles tagged with #tax write off

entertainment2 years ago•1 min saved

The Fate of 'Coyote vs. Acme' Hangs in the Balance as Studios Consider Reviving the Shelved Film

Warner Bros. is allowing the filmmakers of "Coyote vs. Acme" to shop the completed Looney Tunes-inspired film to other distributors after shelving it as a $30 million tax write-off. Screenings are being set up for Amazon Prime Video, Apple, and Netflix, although no deals have been finalized yet. The movie, a $70 million live action-animation hybrid starring John Cena and Lana Condor, is the third film in two years that Warner Bros. has axed for tax incentives. The decision has disappointed the creative community, but streaming services are always in need of fresh family-friendly content.

via Variety|

#coyote-vs-acme #entertainment #film-distribution

entertainment2 years ago•1 min saved

Paramount+ Cancels "Star Trek: Prodigy" and "Grease: Rise of the Pink Ladies"

Paramount+ is removing four original series, including "Grease: Rise of the Pink Ladies," "Queen of the Universe," and "The Game," as well as canceling "Star Trek: Prodigy" and pulling it from the service. CBS Studios will complete post-production work on the series and shop both seasons to a new buyer. The removal of content is part of a tax write-off, and more content is expected to be removed from the platform in the coming weeks.

via Dark Horizons|

#entertainment #paramount #star-trek

entertainment2 years ago•1 min saved

Disney Continues to Cut Streaming Content, Saving Millions

Disney has taken a $1.5 billion impairment charge for removing dozens of shows and movies from Disney+ and Hulu, and anticipates further removed content during the rest of the third fiscal quarter of 2023. This tactic of cutting content for tax write-offs is similar to what Warner Bros. Discovery did last year, and it paints a grim future for streaming entertainment. Some of the content being removed isn't available in physical form, leaving it in limbo until companies decide to put it back on the streaming service someday, if at all.

via Mashable|

#content #disney #entertainment

business2 years ago•3 min saved

Disney's $300 Million Star Wars Hotel to Close After Debacle.

The closure of Disney World's Star Wars: Galactic Starcruiser will result in a tax write-off of approximately $300 million due to accelerated depreciation. The hotel did not perform as well as expected, leading to its closure after only one year and a few months of operation. Despite the negative financial impact, Disney is pleased with the value reduction because it will result in lower taxes overall.

via WDW News Today|

#business #depreciation #disney

business2 years ago•3 min saved

The Cost of Fox News' False Claims: $787.5 Million Settlement and Loss of Viewer Trust

Fox Corp's $787.5 million settlement with Dominion Voting Systems over defamation charges is likely to cost the media company much less due to insurance coverage and tax deductions. The settlement can be deducted from Fox's income taxes as an expense necessary for the cost of doing business. Insurance is likely to cover some of the settlement, but there could be an annual aggregate limit of liability. Fox has said it doesn't expect the settlement to affect its operations and analysts expect the company to be able to run its business as usual.

via NBC New York|

#business #dominion-voting-systems #fox-corp

us-politics2 years ago•8 min saved

The Dominion-Fox News settlement: A missed opportunity for accountability.

Fox News is set to benefit from a tax write-off from its $787m payout to Dominion Voting Systems, the largest in US history for a libel case. The settlement was reached on Tuesday, moments before opening arguments were to get under way in the defamation trial. The revelation means that the landmark payout might not harm Fox News’ profits as much as expected. The settlement rescued Rupert Murdoch, Tucker Carlson, and other big names from being called to testify over the 2020 election lies.

via The Independent|

#dominion-voting-systems #fox-news #lawsuit