The reason for the movie being axed? The studio is out of business due to crushing debt - hard to believe considering the amount of money they've made over the years!
In April, Reuters reported that the next James Bond movie had been cancelled "indefinitely" because the studio was put up for auction.
Michael Wilson and Barbara Broccoli, the producers of the Bond movies, said in a joint statement at the time, "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."
The 22 James Bond movies have sold $1.6 billion in box office tickets in the U.S. and Canada, putting the series at No. 3 on the list of most successful film franchises, according to tracking firm Box Office Mojo. he last film in the series, 2008's "Quantum of Solace," racked up a global box office of $586 million, and before that the 2006 movie "Casino Royale" made $594 million and introduced Craig as the new Bond, reported Reuters.
In November, UPI reported that movie studio MGM, facing major debts, was weighing its options for the future, including a possible sale.
Metro-Goldwyn-Mayer said in a statement it was "beginning a process to explore various strategic alternatives, including operating as a standalone entity, forming strategic partnerships and evaluating a potential sale of the company," Variety.com reported Friday.
The media company also said it reached an agreement with its lenders on a second extension on the forbearance of debt payments, delaying interest payments until Jan. 31.
"The lenders took this action in support of the company's ongoing efforts to develop and evaluate long-term strategic alternatives to maximize value for its stakeholders," MGM said of extending the forbearance beyond Dec. 15. "MGM appreciates the continued support of its lender group for the process it is undertaking."
Variety said there has been speculation MGM may sell off its profitable assets that include the rights to the James Bond film franchise and its ownership portion of the upcoming "Hobbit" films.
Stephen Cooper took over as MGM chief executive officer this summer as part of the company's attempts to restructure nearly $3.7 billion in debt.
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