The latest cost-saving moves by the company came after they reported a disappointing first quarter.
The company told CNBC that the cancellation is part of a strategic decision.
The streamer said it will continue its work with Archewell on a number of projects. The production company signed a multiyear deal with the streaming service in 2020.
More competitors are entering the space and vying for users' time. The company has spent billions on its content.
In its most recent quarter, the company reported its first decline in paid users in more than a decade and warned of trouble ahead. Some of the company's spending is being pulled back to help revenue growth.
The cancellation of Pearl comes after it was reported that a number of employees were laid off.
You can subscribe to CNBC on the internet.
All Rights Reserved © 2024
