Netflix lost $39 million due to unreleased content, the company said in its fourth quarter results statement. According to reports, this charge was due to cancellation of actor Kevin Spacey's projects after he was charged with sexual harassment last year.
"We took a $39 million non-cash charge in Q4 for unreleased content we’ve decided not to move forward with.", the company said in a letter to its shareholders.
According to a Reuters report, a source has confirmed that the charge is related to projects the Oscar-winning actor was associated with.
In November last year, Netflix halted production of its award-winning original House of Cards last year after Kevin Spacey faced multiple allegations of sexual assault and sexual harassment. They later resumed production of the show without Kevin Spacey, making Robin Wright the lead of the show.
Netflix also decided against releasing the biopic Gore, which starred Kevin Spacey as writer Gore Vidal.
The charges related to unreleased content did not dent the streaming service's revenue. The company reported a revenue of $3.29 billion in the fourth quarter of 2017, and gained 8.33 million new subscribers.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
