Netflix reportedly lost $39 million reacting to sexual misconduct allegations against its stars


Netflix has announced its fourth-quarter 2017 earnings. Apparently, it took a hit thanks to a handful of scrapped projects in the wake of a slew of sexual misconduct allegations against some of its stars.

The company’s CFO, David Wells, hosted a company earnings interview Monday where Variety reports he addressed projects that were canceled “related to the societal reset around sexual harassment.”

The company revealed a $39 million write down related to content that it will no longer move forward with. Sadly, the outlet notes that he did not get into specifics about which projects cost the streaming service such a pretty penny. However, it’s not hard to figure out based on the very public allegations against some of its key stars.

As previously reported, “House of Cards,” the first series that really gained Netflix attention for its original programming, saw its production suspended after Kevin Spacey was accused of sexual misconduct by several men claiming he made advances on them when they were underage. It was soon announced that the network had cut a deal to move forward with Season 6 without Spacey in the lead.

In addition to the controversy around Spacey, Louis C.K. was admitted to exposing himself to women without their permission. This forced Netflix to pull the plug on his second stand-up special, costing an unknown amount of money for the streaming service.

In this March 24, 2014 file photo, actor Danny Masterson arrives at the Youth for Human Rights International Celebrity Benefit in Los Angeles.

Finally, “The Ranch” saw its production suspended after series regular Danny Masterson was accused of rape, prompting the network to eventually resume production without Masterson as a part of the cast in 2018.

While it’s unclear which project makes up most of the $39 million hit that Netflix took in Q4, Vulture notes that the amount of money that the service lost to accommodate the societal shift happening with regards to the “#MeToo” and “Time’s Up” movements is roughly the amount it cost to make a feature-length film like “John Wick: Chapter Two.”



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *