Sure they covered the purchase price, and are making a profit, but i’d have to imagine they thought they would be making a lot more money from the brand than they are. In an investor document filed with the SEC earlier this year, the return on investment for the Star Wars IP 4th for at 2.9x, where as Frozen has a 9.9x return.
Also in this document it states that Disney+ is negative $1.4 billion. I’m unsure how the accounting was performed, but would have to imagine that at least some of production costs for Star Wars shows on Disney+ are being attributed to Disney+, whereas the merchandising profits (Baby Yoda dolls) are being attributed to the Star Wars brand directly, inflating the Star Wars return on investment.
Perhaps a symbolic veto from Hochul showing the banks and CEOs that she values them more than the people of the state?