Advertising sales at ABC over the summer were softer than had been predicted, cautioned Walt Disney Chief Financial Officer James A. Rasulo, who spoke at a Wall Street conference Thursday, The New York Times reports.
"We did not see the kind of rebound after the Olympics that we thought we would see,” Rasulo said. "We did not have great ratings over the summer.” He noted that the network has high expectations for the fall.
Disney will also take a $50 million writedown at its movie studio, after scrapping a project. "After looking at it, we’ve decided we don’t want to continue with it," he said.
The film is a stop-motion animated film from Henry Selick, who is known for his stop-action movie "Coraline," the piece adds.
The decision came from Alan F. Horn, who became the chairman of the movie studio at the start of the summer, the story notes.