Consumer advocate Lisa McCormick has issued a call to the U.S. Department of Justice to intervene in the case of ‘Coyote Vs. Acme’, a completed live-action/animated feature that Warner Bros. Discovery, Inc. shelved to take advantage of an unjustified $30 million tax write-down.
“Americans paid Warner Bros $30 million for this movie so the public should be entitled to see ‘Coyote vs. Acme’ rather than be treated like Wile E. Coyote,” said McCormick, a former Democratic candidate for U.S. Senate who is not mincing words, labeling the multinational mass media and entertainment conglomerate’s move as nothing short of tax fraud.
The comedy, built on the premise that Wile E. Coyote decides to file a lawsuit against the Acme corporation, was originally scheduled for theatrical release in July 2023, but the film was pulled from distribution, reportedly to make way for Barbie, another Warner Bros hit that grossed $1.44 billion.
It was subsequently killed in November so that the company could claim a tax write-off, as it had done with ‘Batgirl,’ another finished feature that was unceremoniously canceled after WarnerMedia’s high-profile merger with Discovery.
Warner Bros. Discovery shelved ‘Coyote Vs. Acme’ in November 2023 so it could obtain an accounting benefit of a $30 million tax reduction in the company’s taxable income. In accounting, a write-down is a technique used to reduce the value of an asset when its fair market value is lower than its book value. This adjustment is made on a company’s balance sheet.
This flick, a blend of live-action and animation featuring those timeless Looney Tunes icons, was supposed to hit screens with all the fanfare of a fireworks display in July 2023, but just as the popcorn was ready to pop, Warner Bros yanked the rug out from under us.
According to McCormick, Warner Bros opted to write off $30 million from the film’s production cost, effectively denying taxpayers access to a completed and reportedly well-received film while cheating the nation of financial support of government services.
McCormick condemned Warner Bros for its decision, calling it “nothing less than tax fraud.” She emphasized the injustice of taxpayers footing the bill for a film they would not get to see, while the studio reaped billions in profits from other releases.
“This is an opportunity to unveil and punish corporate greed,” McCormick declared, urging Attorney General Merrick Garland to take swift legal action. “They dared to write off a cool $30 million, leaving taxpayers scratching their heads and reaching for their wallets.”
Despite the studio’s claims of shifting focus to theatrical releases, McCormick argued that the decision to withhold ‘Coyote Vs. Acme’ from distribution amounted to a betrayal of both the filmmakers and the public.
“‘Coyote vs. Acme’ is a completed movie that reportedly had test scores 14 points above normal for a family film,” McCormick pointed out, emphasizing its potential value to audiences. “Let’s not forget the poor souls who poured their blood, sweat, and tears into making ‘Coyote Vs. Acme’ a reality. From the director to the cast, they deserve better than to have their masterpiece gathering dust on some studio shelf.”
Several Hollywood luminaries and film industry observers also criticized the tax scam.
Directed by David Green and featuring a star-studded cast including Will Forte, John Cena, and Lana Condor, ‘Coyote Vs. Acme’ is based on the beloved Looney Tunes characters and promises an entertaining and engaging experience for viewers of all ages.
Screenwriter Joe Russo expressed similar sentiments as McCormick in a post on social media.
Writer, producer, and director Liz Hannah opined that someone could leak the film.
“Coyote vs. Acme” editor Carsten Kurpanek suggested that this movie may come to close to art imitating life.
He tweeted, “#CoyoteVsAcme is about a giant corporation choosing stock over empathy, doing nothing ‘illegal’ but morally shady stuff for profit. It’s a David vs Goliath story. It’s about the cynical and casual cruelness of capitalism and corporate greed. No wonder Warner doesn’t want to #releasecoyoteVsACME.”
In light of Warner Bros’ refusal to release the film, McCormick urged the Department of Justice to step in and ensure that taxpayers’ investment is not squandered. She also shared the thought that the decision to scrap a completed movie could violate antitrust or corporate fraud laws.
McCormick blames corporate greed for many of the problems plaguing American society today, from rampant income inequality to distortions in our political system that breed corruption and social divisions.
“This is about holding corporations accountable and upholding the rights of taxpayers,” McCormick concluded. “The U.S. Department of Justice must act to ensure that ‘Coyote Vs. Acme’ sees the light of day, that tax cheaters are made to pay for their crimes, and that art is not wasted in a vault instead of being made available to the public.”
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