MGM plans 007 releases every two years, seeks partnership for Bond 23 in 2012

Skyfall - 04-11-10
The wheels of production are starting to spin up again at Metro-Goldwyn-Mayer, who filed for pre-packaged bankruptcy in Manhattan federal court after rejecting a takeover bid by Lions Gate Entertainment Corp. and billionaire Carl Icahn.

MGM plans to spend as much as $125 million on operations in the next 15 weeks. MGM said it’s has already spent $20 million to fund production of films based on J.R.R. Tolkien’s novel, “The Hobbit,” in a co-production deal with Time Warner Inc.’s New Line Cinema, and may need to spend more. Three films based on “The Lord of the Rings,” the sequel to “Hobbit,” grossed about $3 billion at the box office worldwide, MGM said to Bloomberg.

New James Bond films may be released every second year starting in November 2012, MGM said. It aims to own 50 percent of Bond 23, due out that year, with an equal partner paying all of the production costs, it said. Later Bond movies would be wholly owned and funded by MGM, the company said.

Two potential suitors for Bond 23 financing and distribution are Paramount and Sony.

Spyglass chiefs Gary Barber and Roger Birnbaum, who will be taking charge of production at MGM as part of the restructuring deal, are close to Paramount who co-funded the smash-hit "Star Trek" reboot.

Sony distributed the last two James Bond outings under the agreement reached when the company was part of the consortium that took over MGM in 2005. It now owns a 14% stake. Sony have made it public that they would love to be involved again, but it looks like a bidding war between rival distributors will be taking place before Bond 23 is officially green-lit.

2012 marks the 50th anniversary of the EON Productions series of James Bond films. Assuming Daniel Craig honours his contract for a third film, it would also be the longest gap between Bond movies without a change in the lead role.

Discuss this news here...

 
Earlier Story: Britain and Israel sign filming deal, Bond 23 linked with location

Later Story: Judge approves MGM bankruptcy plan, could be clear in 30 days

This content is maintained by www.mi6-hq.com Content is copyright its respective owners and is published for non profit educational use only. All original content is copyright mi6-hq.com © 2014. MI6 accept no responsibility or give warranty for the accuracy authenticity or correctness of content. James Bond 007 is a registered trademark of DANJAQ, LLC, a Delaware corporation in the United States and/or other countries. Webmasters seeking news syndication or for press contact information - click here.

Not Forgetting James Bond - Syd Cain Autobiography

Latest Headlines

Site News - 21-10-14
Join the 1,000+ people following @jamesbondlive on Instagram... Full Story

Bond 24 - 20-10-14
Chris Corbould opens twitter account, confirms Bond 24 involvement... Full Story

Media Alert - 19-10-14
50 Years of Ian Fleming's Chitty Chitty Bang Bang on Radio 4 tomorrow... Full Story

Media Alert - 19-10-14
Episode two of Ian Fleming's 'Thrilling Cities' available to listen online... Full Story

Bond News - 18-10-14
Australian historian suggests newly discovered spy as Fleming inspiration... Full Story

Collecting - 17-10-14
'Thunderball' underwater sled sells for £20,000 at auction... Full Story

Actor News - 16-10-14
Sir Roger Moore talks of his fascination with fashion... Full Story

Media Alert - 15-10-14
Australia TV - 'Octopussy' on Nine, Saturday evening... Full Story

Actor News - 14-10-14
Sir Roger Moore celebrates 87th birthday today... Full Story

News Archive