Disney+ will not advance with The Spiderwick Chronicles, as reports say the studio is moving away from the project.
Deadline notes the real kicker is the eight-episode series from Paramount Television Studios & 20th Television has been completed, which means Paramount is currently shopping the project to other potential buyers.
The Spiderwick Chronicles is based on the bestselling books by Tony DiTerlizzi and Holly Black and is described as a contemporary American gothic coming-of-age story.
The synopsis reads: Upon leaving New York and moving to Michigan and into their run-down ancestral home—The Spiderwick Estate—with their mother, twin brothers Jared and Simon Grace, along with their sister Mallory, find themselves pulled into an alternate, fantastical world.
This stems from Disney’s decision back in May to cut costs by using some projects as significant content write-offs. “We are in the process of reviewing the content on our DTC services to align with the strategic changes in our approach to content curation,” Disney CFO Christine McCarthy said at the time. “As a result, we will be removing certain content from our streaming platforms and currently expect to take an impairment charge of approximately $1.5 to $1.8 billion.”
As part of this new model for Disney, Disney Branded Television will be leaning more heavily into Disney-owned IP instead of producing out-of-brand projects like this.
The Spiderweb Chronicles was first announced as part of the Disney+ Day in November 2021, went into production last September in Canada, and wrapped filming in early 2023.
