MGM Halts Production On Next Bond Movie
Posted on Tue Apr 20, 2010 08:02 AM PDT

craig200.jpgLOS ANGELES, California (X17online) - MGM has halted production of the next 007 film due to the studio's strained financial situation.

Michael G. Wilson and Barbara Broccoli, the movie's producers, released the following statement:

    "Due to the continuing uncertainty surrounding the future of MGM and the failure to close a sale of the studio, we have suspended development on 'Bond 23' indefinitely. We do not know when development will resume and do not have a date for the release."

Several companies have been looking to acquire MGM studios including Lionsgate and corporate parents of Fox and Warner Bros. With many of these companies offering low bids, the studio has been strapped for cash and is now facing a big debt.

To raise cash, some experts believe MGM will sell the rights to develop future Bond movies. No director has been named, but at one point, Sam Mendes was negotiating to direct the 23rd Bond film.

Recent Bond movies have proven to be profitable with Casino Royale and Quantum of Solace bringing in over $1 billion worldwide to date.

Photo courtesy: MGM