The merger between Warner Bros and Discovery has seen the studio scrap several projects. After the debacle surrounding Batgirl, the studio has now permanently canceled the live-action/animated hybrid Looney Tunes movie starring John Cena. The news of the film’s cancellation has drawn a wide variety of reactions from the film industry.
However, insider Jeff Sneider has now spoken in defense of the move to cancel the film. On the social media platform X, Sneider has shared his take on the film’s cancellation and explained why it made sense for Warner Bros. Discovery to scrap the Looney Tunes movie. Here is what Sneider has said about the cancellation of the movie and why it makes sense.
Jeff Sneider Defends Warner Bros. Discovery Scrapping John Cena’s Looney Tunes Movie
A new Looney Tunes movie starring John Cena and Will Forte was revealed to be in development in 2018. The live-action/animation hybrid film, titled Coyote vs. Acme, was set to feature the character Wile E. Coyote in a prominent role. However, in February 2024, Warner Bros. Discovery announced it was axing the film in favor of claiming a tax loss.
Insider Jeff Sneider took to X (formerly Twitter) to share his thoughts on the decision to scrap the film. Sneider stated that it made sense for Warner Bros. Discovery CEO David Zaslav to cancel the film and claim a tax loss, especially since the new leadership did not greenlight the film. You can check out Sneider’s full tweet below:
If you’re Zaslav and YOU didn’t greenlight the Looney Tunes movie and YOU have a different strategy for that IP and YOU don’t think it’s worth spending MILLIONS for a theatrical marketing campaign and NO ONE is willing to meet your price, you take the write-off. It’s a BUSINESS.
— Jeff Sneider (@TheInSneider) February 9, 2024
Sneider added that the tax write-off makes sense since the film did not receive the price Warner Bros. Discovery was seeking to sell off the project’s distribution rights. The studio also did not want to spend more money on marketing the film for a theatrical release. Sneider’s words are in line with recent reports that offers from Netflix, Amazon, and Paramount, fell short of the studio’s expectations to sell the film.
Warner Bros. Discovery Announced the Final Cancellation of Coyote vs. Acme
Sneider’s statement caused some debate among fans over the cancellation of Coyote vs. Acme. In November 2023, production on Coyote vs. Acme was completed but Warner Bros. Discovery was not looking to release the film theatrically and tried to sell it to other distributors.
Despite reported interest from Paramount Pictures and Sony Pictures, Warner Bros. Discovery did not accept any formal bids. In February 2024, the film was officially canceled in favor of a tax loss of about $30 million. Here is how fans reacted to Sneider’s defense of Warner Bros. Discovery’s decision to cancel the film.
May seem cold, but true
— SyL ☕#IYKYK (@sylabdul) February 9, 2024
This “BUSINESS” strategy literally makes zero sense, they spent $70M on the movie and the tax write off would give them $30M. So selling it for anything more than $30M is literally in their best interest yet the report says they wanted $80M…
— Alex (@MyNameIsAlex107) February 9, 2024
So dump in on streaming. This is anti-art and will make future wb projects harder to trust.
— Nick “Goopy” Bannister (@Deep_Cut_Films) February 9, 2024
So you’re literally championing for erasing art from existence?
— Alex Madden (@Alex_Madden_) February 9, 2024
He could have sold it. Writes-offs should be the last resort, not a business model; they don't bode well for the future and are risky for actors and filmmakers. Tax laws change, so this "strategy" is shortsighted at best.
— Bradley Jones (@BradleyNJones) February 9, 2024
Most fans were unhappy with Sneider defending the film’s cancellation and pointed out the flaw in his argument. Others remarked that cancelling films for tax write-offs was in general a bad move for any studio.
Coyote vs. Acme was set to star John Cena and Will Forte in live-action roles with several Looney Tunes characters making animated appearances. Dave Green directed the film from a screenplay written by Samy Burch. James Gunn co-wrote the story and served as a producer on the project.
