Serious financial problems that forced the bankruptcy of MGM resulted in a huge delay in the production of the #23 installment of the James Bond series. However, the financial situation over at MGM was cleared up on December 20, when $500 million in financing infused the cash-strapped company with enough funds to restructure. Spyglass Entertainment executives, Gary Barber and Roger Birnbaum will also take over as corporate heads of the new MGM.
The financial problems that brought down the legendary MGM indicate just how much of a high risk business the entertainment industry is. Producers invest millions in movies, with the hopes that box office receipts will at least pay for the production costs. And the salary of stars seems to be ever increasing, only adding to this high risk game. The public needs to support the movie industry by attending films and buying their DVDs and show their appreciation for the industry. Few businesses are as high risk as the movie business. You invest so much with so much uncertainty. Equally, the record business is a tough one as well. At least one out of ten new cds needs to sell well enough to prevent the business from losing money.
Now that MGM is back in business, the long delayed production for the new James Bond film will continue. Actor Daniel Craig is on contract to return for a third time as James Bond, and it is expected that director Sam Mendes will direct the film as well.
So far there isn’t a working title for the latest James Bond project.