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Bond Movie May Die Today: MGM In Financial Trouble
The James Bond franchise movie number 23 has been put on hold by MGM, a movie studio that carries almost twice as much debt as it is worth. 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 latest James Bond film, code named Bond 23, was in pre-production for a 2011 release, but had to be put in "suspended development". MGM Producers of Bond 23, Michael Wilson and Barbara Broccoli released a statement that said "We do not know when development will resume and do not have a release date". Though they own the merchandising and movie rights to James Bond and Bond 23, EON productions cannot fund full movie production. The longest break between Bond films has been six years -- 1989 to 1995. The latest Bond film was Quantum of Solace, released in 2008.
More than just James Bond movies at risk
Bond 23 is not the only film that MGM studios is funding. With a $ 3.7 billion debt, MGM studios is seeking personal loan companies to help float another studio's purchase. MGM is currently half-owner of The Hobbit franchise. MGM also owns the United Artists brand, which controls over 4,000 titles. The production and distribution of all MGM films is at risk until a buyer steps forward to take over MGM.
Buyers competing for MGM
The only release MGM has put out this year was Hot Tub Time Machine - a movie that grossed only $ 42.2 million. MGM put the word out that they were looking for buyers last November. At first, Access Industries, Time Warner pictures, and Lionsgate films all put in bids for the studio. Since then, Lionsgate has removed their bid from the process. 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
James Bond 007 Movie Theme Music
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RITTENHOUSE MISSION LOGS JAMES BOND SKI SUIT RELIC COSTUME 900 US $10.00
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1965 JAMES BOND 12 gilbert figure PISTOL 1 inch US $19.75
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1965 JAMES BOND 12 gilbert doll MAN FROM UNCLE ILLYA SOLO RIGHT ARM minty US $18.65
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JOHNNY LIGHTNING TOYOTA 200GT JAMES BOND 007 CONVERTIBLE DIECAST 1 64 SCALE US $3.00
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James Bond 50th Anniversary Mollie Peters as Patricia Fear autograph auto card US $14.05
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RITTENHOUSE MISSION LOGS JAMES BOND EUNICE GAYSON AUTOGRAPH AUTO VERY LIMITED US $30.00
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