Studio debt puts James Bond film on hold

Published on Tuesday 20 April 2010 01:38

JAMES Bond's licence to thrill has been put on hold as studio executives announced they have suspended development of the next film in the long-running series.

Producers Michael Wilson and Barbara Broccoli said work on Bond 23 was suspended indefinitely because of uncertainty over the future of the Metro-Goldwyn-Mayer (MGM) studio.

Daniel Craig, who was set to play 007 for the third time, said: "I have every confidence in Barbara and Michael's decision and look forward to production resuming as quickly as possible."

The actor is on location in Toronto, Canada, filming Dream House, which co-stars Rachel Weisz.

Wilson and Broccoli, of EON Productions, 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."

The film had been set for release in 2011 or 2012.

MGM put itself up for sale and hired turnaround specialist Stephen Cooper last year after falling behind on $3.7 (2.41bn) billion in debt. The studio is considering offers including a bid from Time Warner Inc. and restructuring proposals by Ryan Kavanaugh's Relativity Media LLC and billionaire Len Blavatnik's Access Industries, people with knowledge of the auction have said.

Earlier this month Hollywood top guns brothers Tony and Sir Ridley Scott, emerged as surprise contenders to steer MGM back to solvency after submitting a restructuring plan to the Hollywood studio's lenders.

The James Bond franchise is the longest running in film history.

Ian Fleming, 007's creator, was the grandson of Dundee-born financier Robert Fleming, founder of the Scottish American Investment Trust and merchant bank Robert Fleming & Co.

Fleming used his intelligence-gathering role during World War Two as the raw material for his spy novels.

In "Casino Royale", his first novel published in 1953, Fleming introduced MI6 secret agent Commander Sir James Bond. He went onto write another 14 Bond novels - with sales leaping dramatically in the United States after President John F. Kennedy included From Russia With Love on a list of his favourite books.

Bond's "parents" were Andrew Bond, a Scotsman, and Monique Delacroix, from Canton de Vaud, Switzerland. Their nationalities were established in On Her Majesty's Secret Service. Fleming emphasised Bond's Scottish heritage whereas the spy's mother is named after a Swiss fiance of Fleming's. A planned, but unwritten, novel would have portrayed Bond's mother as a Scot.

Fleming had initially doubted casting Scots actor Sean Connery as Bond saying "I'm looking for Commander Bond and not an overgrown stunt-man,"

But Fleming's girlfriend enthused about Connery's sexual charisma and the author changed his mind after the successful Dr. No premiere.

He was so impressed by Connery - who starred in seven Bond films between 1062 and 1983 - he created a half-Scottish, half-Swiss heritage for Bond in the later novels.

There have been 22 films in the EON Productions series to date, the most recent being Quantum of Solace, released in October 2008 grossing over $5.9 bn (3.25bn) at the box office worldwide.