Disney’s stock is down more than 9% on the day, after the company said it would be closing a $1 billion film project in France.

The company said Thursday that it would begin filming a new film in 2018.

It said it will be shooting in France on the production of The Jungle Book.

Disney also said it plans to spend $500 million in the United States in 2018, a project that is not yet confirmed.

Disney stock has dropped about 11% this year, and analysts are expecting it to fall more than 10% this week.

The stock was trading below $10 per share on Thursday.

“Disney and its film business remain in a very difficult position, as the company’s global business continues to be disrupted by the global economic slowdown,” Disney Chief Financial Officer Peter Cook said in a statement.

The film project is the latest in a series of Disney films that have been cancelled or delayed by the recession.

The studio said it had planned to produce six new movies this year and planned to spend at least $1.5 billion on the global production.

Disney has been in a long-term financial crisis.

In March, Disney announced it was canceling the release of its animated movie Frozen, saying it would focus on its core business of live-action animation.

The Disney Animation Studio, which includes Frozen and Beauty and the Beast, also had to shut down.