Apple, Netflix and other streaming services have explored the possibility of acquiring “No Time to Die,” the next James Bond film which was originally scheduled to debut last April. The film’s release has been repeatedly postponed, with the Daniel Craig vehicle returning to November before being pushed back to 2021 as the number of coronavirus cases exploded.
MGM, the studio behind the film, reportedly lost between $ 30 million and $ 50 million due to the delays, insiders said. Bloomberg first reported on the talks, which have been the hot topic in Hollywood this week. Other studios, such as Paramount and Sony, have raised tens of millions selling movies like “Greyhound”, “Coming 2 America” and “Without Remorse” to streaming services as the exhibition business continues. to struggle during the pandemic.
“We don’t comment on rumors. The film is not for sale. The film’s release has been postponed until April 2021 in order to preserve the theatrical experience of moviegoers, ”said a spokesperson for MGM. Variety.
However, several insiders from rival studios and companies have said that a possible bond sale has been openly explored and believe MGM is at least open to the possibility of unloading their crown jewel for a princely sum. The studio was looking for a deal worth around $ 600 million – a price deemed too high for two of the free streaming services. A sale of this magnitude would be led exclusively by Kevin Ulrich, chairman and CEO of MGM’s majority owner, Anchorage Capital Group, insiders said.
It’s unclear whether producers Barbara Broccoli and Michael G. Wilson, who control the rights to the series through their company Eon, should sign the deal. Universal Pictures, which owns the overseas distribution rights for “No Time to Die,” should be sold in full and reimbursed for all expenses incurred by the studio. The fact that parties involved are exploring a streaming sale is notable, given that the film was the first pole to shift release dates before the coronavirus was upgraded to a global pandemic – making it an early indicator. that not even the iconic spy and ladies would save us from the viral event.
Transferring “No Time to Die” to a streaming service poses logistical problems. The film costs more than $ 250 million to produce and has set up several promotional partnerships to help cover those costs – including Land Rover, Omega and Heineken watches. These companies may have expected the film to hit theaters and might not be thrilled with a streaming-only arc. The sale of “Coming 2 America” to Amazon, for example, was contingent on ensuring that its promotional partners, McDonald’s and Crown Royal, were okay with the change of plans.