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22/04/2010
James Bond Delayed As MGM Await Their Fate
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Will the lion continue to roar for MGM studios? After being forced to sell off its film assets which include the James Bond franchise we remain unsure. The production of the next Bond film has now been suspended "indefinitely".
Producers Michael Wilson and Barbara Broccoli are none the wiser on when production will resume. The new Bond film was due to be released within the next 2 years with Daniel Craig reprising his role as 007. Two planned Hobbit movies are also yet to be given the go-ahead for filming.
But with growing debts of $3.7 billion (£2.4billion.) it is easy to understand why the Bond franchise, the 4,000-title film library and the legendary lion logo are up for auction.
Metro-Goldwyn-Mayer (MGM) was founded in April 1924, by Marcus Lowe, a theater magnate who orchestrated the merger of Metro Pictures Corp., Goldwyn Pictures and Louis B. Mayer Productions. MGM are described as "a powerhouse of prolific artistry and filmmaking expertise" that the studio famously said attracted "more stars than are in the heavens." During a golden three decades from 1924 to 1954, the Culver City-based studio dominated the movie business, creating a Best Picture nominee every year for two straight decades.
The 4,000-title film library now up for auction boast 15 Best Pictures including; West Side Story(1961), Midnight Cowboy(1969), Rocky(1976), Platoon(1986), Rain Man(1988), Dances With Wolves(1990) and The Silence of the Lambs(1991) to name a few.
Today MGM's library is comprised of titles from the United Artists, Orion Pictures, Goldwyn Entertainment and PolyGram Filmed Entertainment libraries.
The James Bond franchise remains the longest running and most profitable series in film history running 48 years and taking $594m (£385m) at the global box office, yet MGM has been trying to find a buyer since last year. Several companies have expressed interest - but offers are thought to be significantly below the $2bn (£1.3bn) sought by MGM and its debt holders.
With growing debts it looks unlikely that "lion's pride" will thrive again.
(BMcN/CD)
Producers Michael Wilson and Barbara Broccoli are none the wiser on when production will resume. The new Bond film was due to be released within the next 2 years with Daniel Craig reprising his role as 007. Two planned Hobbit movies are also yet to be given the go-ahead for filming.
But with growing debts of $3.7 billion (£2.4billion.) it is easy to understand why the Bond franchise, the 4,000-title film library and the legendary lion logo are up for auction.
Metro-Goldwyn-Mayer (MGM) was founded in April 1924, by Marcus Lowe, a theater magnate who orchestrated the merger of Metro Pictures Corp., Goldwyn Pictures and Louis B. Mayer Productions. MGM are described as "a powerhouse of prolific artistry and filmmaking expertise" that the studio famously said attracted "more stars than are in the heavens." During a golden three decades from 1924 to 1954, the Culver City-based studio dominated the movie business, creating a Best Picture nominee every year for two straight decades.
The 4,000-title film library now up for auction boast 15 Best Pictures including; West Side Story(1961), Midnight Cowboy(1969), Rocky(1976), Platoon(1986), Rain Man(1988), Dances With Wolves(1990) and The Silence of the Lambs(1991) to name a few.
Today MGM's library is comprised of titles from the United Artists, Orion Pictures, Goldwyn Entertainment and PolyGram Filmed Entertainment libraries.
The James Bond franchise remains the longest running and most profitable series in film history running 48 years and taking $594m (£385m) at the global box office, yet MGM has been trying to find a buyer since last year. Several companies have expressed interest - but offers are thought to be significantly below the $2bn (£1.3bn) sought by MGM and its debt holders.
With growing debts it looks unlikely that "lion's pride" will thrive again.
(BMcN/CD)
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