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MGM has rejected a takeover bid by Lions Gate Entertainment and filed a Chapter 11 petition in U.S. Bankruptcy Court. MGM's creditors put their support behind a pre-packaged plan to reorganize the studio, swapping the studio's $4 billion debt for equity and bringing in Gary Barber and Roger Birnbaum of Spyglass Entertainment to help manage the company. MGM expects a federal bankruptcy judge to approve its restructuring plan in about 30 days.
While MGM filing bankruptcy may seem like bad news, it's actually good news for movie fans because it means that MGM will finally be able to move forward with its plans for James Bond 23. According to Bloomberg, MGM plans to release new James Bond movies every two years, starting with Bond 23 in November 2012. MGM will seek an equal partner to pay production costs on Bond 23, but aims to wholly own subsequent franchise movies.
Posted 11.04.10 by BrentJS -
Metro-Goldwyn-Mayer Inc. (MGM), which has been struggling to keep itself afloat for over a year now under the weight of massive debts to multiple lenders, announced on Thursday that the company "intends to commence pre-packaged Chapter 11 cases under the U.S. Bankruptcy Code." MGM has begun to solicit votes from its lenders to convert the debt into equity following its emergence from Chapter 11 and restructure the company with Spyglass Entertainment partners Gary Barber and Richard Birnbaum as its new chairmen/CEOs.
The big question for movie fans is: How does MGM filing Chapter 11 affect plans for The Hobbit and James Bond 23?
read what Jackson and Wilson had to say about the movies' fates >> Posted 10.09.10 by BrentJS -
When the news hit that MGM had permanently canceled production on the upcoming sequel James Bond 23 (working title), fans were stunned. The long-running franchise is at its most popular, but money issues continue to plague the studio. However, with Sam Mendes on board to direct and Daniel Craig to return to the role of the British secret agent, it seems impossible that a good thing would suddenly be terminated. Bond producer Michael G. Wilson agrees. Wilson tried to assure fans in an interview with IGN that the Bond legacy will continue.
Bond will be back >> Posted 07.18.10 by Ryan -
Christopher Nolan has admitted that James Bond movies were an influence on his upcoming thriller, Inception, but would he also like to direct a Bond movie? Nolan told the BBC (via Deadline) that he would "love" to.
The Bond influence on the film was very intentional because, for me, growing up with the Bond films — they've always stood for grand-scale action. I’ve loved the Bond films since I was a kid. They’re always about the expansiveness of cinema. The first Bond films set up infinite possibilities about the world they create. I’d love to do a Bond film.
What's the chance? >> Posted 07.09.10 by Ryan -
Rumors are spreading all over the web that MGM has permanently canceled the upcoming sequel in the long-running franchise, tentatively called James Bond 23. While a promising start brought Sam Mendes on board to direct a script written by Peter Morgan (Frost/Nixon) and screenwriting partners Neal Purvis and Robert Wade (Quantum of Solace, Casino Royale), the impending bankruptcy of MGM has been threatening to shut down production since the beginning. However, all may not be lost.
Deadline reports that the project isn't dead, but continues to languish in development hell while MGM resolves its financial situation. "Development will resume once MGM is viable again," a source told the site's London editor. "No idea when this will get resolved."
Will Craig and Mendes save Bond 23? >> Posted 07.08.10 by Ryan -
THR reports that Sam Mendes is negotiating to direct the twenty-third James bond movie. Mendes will work from a script from screenwriters Peter Morgan, Neal Purvis, and Robert Wade, and production could begin in June, despite the possible sale of MGM.
Bond producer Michael Wilson disagrees slightly with the production scheduling, telling TotalFilm that the "timeline's a little up in the air" considering the "situation at MGM." As for what Bond 23 will be about, Wilson would not say.
We've hired the writers and we've been working with them but it's just too early to say anything. You know, often at this stage, I find myself saying, "Oh, we're gonna do this and that," then six months from now you'll say, "That isn't in the film at all — you told me it was..." I think we're at the stage where a lot of ideas are floating around that sound very good, but whether they make the final cut, who knows?
Bond 23 is reportedly eying a 2011 release. Daniel Craig will return to play the famous British secret agent.
Posted 01.06.10 by Ryan