this post was submitted on 10 Nov 2023
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Movies in the Making
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Apparently, the company would rather get a $30 million tax write off then let it open.
Not an accountant.
Yeah, apparently Warner Bros 3rd quarter financially has been very mixed, so they're better off taking the tax write off than releasing and promoting this completed $70m movie. The story is that it was getting great test scores as well.
IMO, if a company writes off something like this, it should become property of the government for a short period like 5-10 years (to allow them to attempt to recoup the lost tax revenue from it) and then become public domain. That way, the people involved in making it still have something to show for their work rather than it being deleted from history as though it never happened. Also, if the government (and citizens) is sharing in the loss due to the tax write-off, then they should have the opportunity to minimize the loss using whatever remains of the written-off assets.