Subscribe To Netflix Apparently Lost A Ton Of Money Over Kevin Spacey Updates
The last few months have seen a number of dramatic upheavals take place all over Hollywood. Following a series of allegations of sexual misconduct made against Baby Driver star Kevin Spacey, we have seen some massive changes take within companies that had previously associated with the Spacey brand. One such organization is streaming giant Netflix, which has reportedly taken a hit of almost $40 million in its attempts to distance itself from Kevin Spacey and the allegations against him.
This announcement came during Netflix's reveal of its fourth-quarter earnings of 2017, in which the company revealed that it took a $39 million write-down. This was reportedly a result of a decision "not to move forward with" an unrevealed piece of content. Given the steep price tag of the loss, it seems reasonable to assume that this dropped piece of material is none other than Netflix's Gore Vidal biopic that the streaming service recently opted not to pursue -- especially considering the scale of the project and the price Kevin Spacey likely would've required.
The overall assumption seems to be that Kevin Spacey played a role in the write-down, but there are other contributing factors here as well. As noted by Variety's report of Netflix's $39 million, Kevin Spacey might not represent the full source of the loss. In addition to cutting ties with the actor, the streaming service also backed out if a planned stand-up comedy special with Louis C.K., following allegations of sexual misconduct against him. Similarly, recent rape allegations made against That '70s Show alum Danny Masterson has led to the suspension of production on The Ranch Season 3.
One thing worth clarifying about this situation is that House of Cards, unlike the Gore Vidal biopic, will still definitely happen at Netflix. Despite the decision to drop Kevin Spacey's Frank Underwood from the series, the show is still going to round out its run with a final season -- presumably focusing on the exploits of Claire Underwood. Of course, if Netflix ever decides that it needs to recast Gore Vidal or Frank Underwood, we suppose that it could always take a cue from All the Money in the World and just bring in Christopher Plummer.
CinemaBlend will keep you up-to-date with more information pertaining to this situation as new details are made available to us. For now, you can check out our midseason premiere guide to get a better sense of what shows are debuting over the course of the next few months, and you can also listen to our most recent episode of The Cord Cutter Podcast to hear our thoughts on the wide world of streaming content.