Disney+ Cancels ‘The Spiderwick Chronicles’ Series

Disney+ has decided not to proceed with “The Spiderwick Chronicles.”

The eight-episode television series ‘The Spiderwick Chronicles’ which Paramount Television Studios and 20th Television worked on together, has already been finished. The series is now being looked for by Paramount on several platforms or with potential purchasers.

This choice fits into a larger industry trend, in which Disney and other major media companies are rethinking their streaming strategy to cut back on programming expenses and put an emphasis again on profitability.

According to sources, this action fits with Disney’s sizable content write-off, which was made public back in May.

Prior to the removal of certain content from their Direct-to-Consumer (DTC) services, Disney’s Chief Financial Officer, Christine McCarthy, declared a strategic shift in their content curating approach.

To better represent their evolving content strategy, this realignment is being made. Disney consequently estimated a charge for impairment of between $1.5 and $1.8 billion.

Following this disclosure, a number of original episodes and specials were pulled off Hulu and Disney+.

Later, in July, Disney’s CEO, Bob Iger, stated that there will be a decrease in the development of Marvel and Star Wars series and movies for Disney+ as part of a larger strategy to reduce spending on non-sports programming by about $3 billion.

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