Walt Disney takes $50m hit from halted film The untitled stop-motion film was being directed by Henry Selick and due for release in October 2013. Selick has directed Coraline, James and the Giant Peach and The Nightmare Before Christmas. The film writedown will trim profits by two cents per share in the three-month period that ends this month, Disney's final quarter of its fiscal year. Chief Financial Officer Jay Rasulo announced the amount of the writedown in remarks to analysts at Bank of America Merrill Lynch conference. "That will be a very short fourth-quarter impact for us," Rasulo said. He also said the entertainment and theme park giant did not see the type of advertising rebound it had expected over the summer after the Olympics ended, AP reported. At the ABC broadcast network and the affiliates that Disney owns, "we just didn't see the bounce back after the Olympics that we thought we would," Rasulo said. "I think this is a very short-term phenomenon" and based partly on soft ratings over the summer, he added. For the fiscal first quarter, advertising looks very good for us.