While Netflix’s market value hit new records on Monday, the company also disclosed that it took a $39 million write-down for “unreleased content.”
This “unexpected” hit came from content that the company “decided not to move forward with.” Although Netflix (NFLX) did not specify which content it had cut, sources told the Financial Times and CNNMoney that the cost was associated with projects in which Kevin Spacey starred.
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Following accusations of sexual misconduct last year, the actor has been cut from several projects. This includes the biopic Gore about Gore Vidal, which Netflix has decided not to release, and the suspension of Spacey from his hit Netflix series, House of Cards.
Comments from Netflix CFO David Wells appear to corroborate this point. Wells said that while write-downs are not uncommon, one of “this magnitude” hadn’t previously happened, due in large part to a “societal reset around sexual harassment.”
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Spacey is not the only Netflix star to have been hit by allegations of sexual misconduct. Louis C.K.’s stand-up special has been canceled and actor Danny Masterson was written out of The Ranch.