Like the boys at The Playlist, the constant coverage of MGM’s filings for bankruptcy and ensuing restructuring is boring to me. However, once all the “t”s are crossed and the “i”s are dotted I am very interested in one aspect of the studio… the James Bond franchise. I’m a big Bond fan and loved what Daniel Craig brought to the character and am one of the lone viewers to prefer Quantum of Solace to Casino Royale and when it was reported Sam Mendes (Road to Perdition) was in line to direct James Bond 23 with Daniel Craig still set to star I was pumped. Then, MGM’s woes continued, and continued, and continued.
Now, things are finally starting to look up. The Hobbit has received the greenlight and Bond appears back on the table as Bloomberg reports the “new James Bond films may be released every second year starting in November 2012” with the studio aiming “to own 50 percent of Bond 23, due out that year, with an equal partner paying all of the production costs… Later Bond movies would be wholly owned and funded by MGM, the company said.”
This is good news for Bond fans, but it also reads as very tentative news so don’t get your hopes up too much. For a few additional details on how the studio will be dealing with money issues related to the Hobbit co-production and the studio’s balance sheet restructuring here’s a paragraph that may help sort that out:
MGM estimated its total obligations to The Hobbit are $265 million to $275 million. The company said it is looking for “a third party” to fund those obligations. Its investment stake would be $40 million while the rest would be funded by a lender, MGM said. It’s sharing costs and ownership equally with New Line.
As was previously reported, the two-picture Hobbit shoot is expected to cost around $500 million. As far as plans for Red Dawn and Cabin in the Woods, two films that were completed and left in a state of limbo as MGM suffered through its issues, there is no word.
For additional dirty details, including the status of MGM’s 4,000-title film and television library, click here.
