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Disney Pictures drops £30m in value after Henry Selick movie cancelled

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Henry Selick

© WENN / FayesVision

Disney's decision to cancel an upcoming Henry Selick project has impacted on the value of its motion picture division.

The untitled film, from the director of The Nightmare Before Christmas and James and the Giant Peach, was due to be released in October 2013.

Reuters reports that ceasing production last month has led to the value of Disney's movie studio division decreasing by around $50m (£30m).

Selick is hard at work on another stop-motion movie, an adaptation of Neil Gaiman's The Graveyard Book. The pair previously collaborated on 2009's Coraline.

Chief Financial Officer Jay Rasulo claimed that the impact of the write-down in the fourth quarter on Walt Disney Co will be "very short".

At a meeting with analysts from Merrill Lynch, Rasulo also noted that ABC - the American network owned by Disney - has been struggling in advertising revenues as there has not been the expected rebound in sales following the end of the Olympics, which was broadcast on rival NBC.

However, he re-iterated that he thinks the slump is "a very short-term phenomenon", and the company expects to rebound next year.

Watch the trailer for Henry Selick's James and the Giant Peach below:

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