https://x.com/DiscussingFilm/status/1755959348734341534
‘COYOTE VS ACME’ is now expected to be shelved and deleted forever.
— DiscussingFilm (@DiscussingFilm) February 9, 2024
Warner Bros wanted $75M - $80M for the film and rejected offers from Netflix, Amazon & Paramount, refusing to let them counter-offer.
(Source: https://t.co/CRJ33GW4SK) pic.twitter.com/fivqey7r39
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I haven't seen a good answer to this on reddit since they all know nothing, but I'm not buying this tax write off stuff. One of the fundamental concepts in accounting is the matching principle which means expenses are incurred around the same time revenues come in. I would have to assume like 90% of a movies revenue comes in the first year, meaning you can write off at least 90% of the expenses that first year too. I think these cancelled movies have just been complete garbage.
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And as for not letting others make a counteroffer, WB owns Looney Tunes IP. It has no incentive to let competitors make money off it.
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They also have obscene asking prices that they know nobody will pay for random cancelled movies not attached to any IP like Larrikins. They don't want to sell these movies off because if Netflix buys it and it becomes a hit it's basically a career ender for the exec that pulled the plug.
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It's a stupid thing to focus on really. Warner Bros shopped offers, all were too low and then they countered saying they needed $80 million to make this not a waste of their time. If the tax write off numbers are true, it means that this movie cost them like $110 million to make.
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The part where it doesn't pass the sniff test is the studio writes off the expenses whether or not they sell the movie.
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