Daniel Craig
Bond Movie May Die Today: MGM In Financial Trouble
MGM, the movie studio that is valued at $ 2 billion but carries $ 3.7 billion in debt, announced that the James Bond franchise has been officially put on hold. MGM's financial troubles put several franchises at risk. James Bond and many other brand names will need money now to continue production.
Franchise of James Bond at risk
The 23rd James Bond film, which was in pre-production for a 2011 release, has been put in "suspended development". "We do not know when development will resume and we not have a release date" was the statement of the MGM Bond 23 producers. EON Productions owns the movie franchise and merchandising for James Bond, but does not fund movie production. The longest break between Bond films has been six years -- 1989 to 1995. The most recent Bond film was Quantum of Solace, a Bond movie starring Daniel Craig in 2008.
Franchises other than James Bond at risk
MGM funds many more movies than just James Bond 23. MGM studios is looking for any other studio or personal loan companies that might be willing to take on its $ 3.7 billion debt. The Hobbit prequel to Lord of the Rings franchise is also half-owned by MGM. There are over 4,000 movie titles that MGM owns through the United Artists brand. The production and distribution of all MGM films is at risk until a buyer steps forward to take over MGM.
MGM searching for buyers
At only $ 42.2 million, the only movie release MGM has put out this year has not done well. Last November, MGM put itself up for sale. At first, Access Industries, Time Warner pictures, and Lionsgate films all put in bids for the studio. Lionsgate films has removed its bid for MGM since then. If Time Warner or Access Industries does purchase the studio, it would be up to that studio to continue the James Bond franchise.
Sources:
Times Online
Sydney Morning Herald
Daniel Craig on Late Show
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