MGM, a movie studio that’s been around since 1924, is in some serious financial trouble. As of 2009, the studio had about $3.7 billion dollars in debt with the economic recession not helping.
Several different companies began expressing interest in purchasing the studio behind such classics as “The Wizard of Oz,” “Gone With the Wind,” “Singin’ in the Rain,” and “Ben-Hur.” The current frontrunner is Time Warner with a bid of $1.5 billion to own MGM.
With MGM currently facing an uncertain future and most likely going to be sold (or else suffer through bankruptcy), the studio is being forced to sell off its back catalogue of about 4,000 films and halt production on upcoming films, including the next James Bond movie.
"Bond 23" had been slated for a 2011/2012 release with star Daniel Craig saying production would start later this year.
But in a joint statement, producers Michael G Wilson and Barbara Broccoli said: "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 of 'Bond 23.'"
Director Sam Mendes was attached to helm the latest Bond film, but MGM's troubles have now become our own as the longest running film franchise in history can't get off the ground.
However, the troubles at MGM are affecting more than just 007.
In an interview with Moviefone, Peter Jackson spoke of the expected adaptation of "The Hobbit" to be directed by Guillermo del Toro saying, "Well, it's not really been delayed, because we've never announced the date. I mean it's sort of interesting because [MGM] has never greenlit 'The Hobbit,' so therefore 'The Hobbit' has never been officially announced as a 'go' project, nor have we ever announced a date."
As a big fan of both the Bond franchise and anything related to "Lord of the Rings," I hope something gets worked out so these films can get into production.
I’m sure we’ll be seeing 007 drinking a martini on the big screen again – it’s only a matter of time. But s for the fate of MGM – don’t be expecting to see “Leo the Lion” roaring in theaters any time soon.
“Hut Tub Time Machine” may be known by future generations as MGM’s last film.
