Outrage was swift when Warner Bros. Discovery tried to shelve the completed Coyote vs. Acme for a tax write-off before backtracking and agreeing to shop it out to other studios. However, insiders allege Warner Bros. never actually intended to sell or save it.
On November 9, 2023, the studio announced that it was shelving the completed film to claim a tax write-off in the ballpark of $30 million. It marked the third time Warner Bros. Discovery did this since David Zaslav took over as CEO. Batgirl and Scooby-Doo: The Haunted High Rise met the same demise and were canceled in post-production amid much outcry. The only plausible reason for the cancellations was tax write-offs, given that insiders contested claims that the movies were unreleasable or poorly received during screenings. However, Coyote vs. Acme was the only film that Warner Bros. walked back its decision on amid harsh criticism from the cast, crew, fans, and even other Hollywood studios.
Warner Bros. agreed it would shop the movie out to other prospective buyers, with major studios like Netflix, Paramount, Apple, and Amazon reportedly showing interest early on. As soon as it was reported the studio was asking for a whopping $70 million, though, doubt began to grow. It had only stood to make about $35 million from its tax write-off but was demanding almost double (equal to the cost of making the film) to hand it off to another studio. Now, insiders have painted an even more incriminating picture of the studio’s treatment of Coyote vs. Acme.
Warner Bros. insiders drop several bombshells on Coyote vs. Acme
As reported by TheWrap, insiders believe that the permanent shelving of Coyote vs. Acme is on the horizon. It has been months with no offer, and it’s anticipated Warner Bros. will want the movie off its hands by its fourth-quarter earnings call on February 23. Given the relief when Coyote vs. Acme was saved, the early interest from multiple major studios, and the release of a first-look image that promised a 2024 premiere, many will be wondering what happened. However, those within the industry suggest that they saw this coming.
TheWrap‘s sources claimed that Warner Bros. had received “handsome offers” from Netflix, Amazon, and Paramount, each of which positively received the movie at screenings. Paramount was even willing to give the film a theatrical release. However, the studio rejected every offer. It was allegedly completely closed to bargaining and blindsided studios with the stiff demand of $75 – $80 million, even higher than initial reports suggested. Additionally, Warner Bros. was reportedly secretive about the dealings, even refusing to let the filmmakers in on the details. Based on these claims, it does appear the studio “saved” the movie to save face but never actually intended to sell it.
Unfortunately, that’s not the only bombshell the inside sources dropped. According to them, Warner Bros. executives, including Zaslav, never bothered to watch the film’s final cut, skipping the final screening altogether. So, the film was greenlit before Zaslav and his team arrived and canceled without the new team ever even watching the entire movie. Warner Bros.’ actions have already been met with scrutiny, but this revelation makes their actions look so much more sinister and pre-conceived. It likely didn’t matter how Coyote vs. Acme was received or if it was suitable for theaters—the studio seemingly just picked it for cancelation and stuck to that decision regardless.
It didn’t take long after the news broke for David Zaslav to rise to the #1 trending spot on X, as users expressed their outrage at the potential re-cancelation of Coyote vs. Acme. Many are pinpointing the blame on the CEO, as these cancelations of fully completed movies weren’t happening before his arrival. This phenomenon seems so foreign that it’s unclear how it’s even ethical to make multi-million dollar movies just to throw them away for a tax write-off without ever watching them.
Zaslav and Warner Bros. don’t just have fans and supporters to answer to but also the incredible cast and crew of Coyote vs. Acme, who are probably just learning exactly how badly the studio failed them after giving them false hope for a 2024 release.
(via TheWrap, featured image: Warner Bros.)
Published: Feb 9, 2024 01:44 pm