Disney+ cancels 'The Spiderwick Chronicles' in cost-cutting move

Disney+ has opted not to move forward with The Spiderwick Chronicles, a live-action series adaptation based on the beloved children's fantasy books, according to information obtained by Deadline.

The eight-episode series, a collaborative effort between Paramount Television Studios and 20th Television, has already been completed. Paramount is currently in the process of seeking alternative platforms or buyers for the series.

This decision is part of a broader industry trend, with Disney and other major media companies reevaluating their streaming strategies to reduce programming costs and refocus on profitability. 

Sources suggest that this move aligns with Disney's significant content write-off, which was disclosed back in May.

Disney's Chief Financial Officer, Christine McCarthy, previously announced a strategic shift in their content curation approach, leading to the removal of specific content from their Direct-to-Consumer (DTC) services. 

This realignment aims to better reflect their evolving content strategy. As a result, Disney anticipated incurring an impairment charge ranging from approximately $1.5 to $1.8 billion.

Following this announcement, a wave of original series and specials was removed from both Disney+ and Hulu. 

Disney's CEO, Bob Iger, later confirmed in July that there would be a reduction in the production of Marvel and Star Wars series and movies for Disney+ as part of a broader plan to cut approximately $3 billion in non-sports content expenditure.