MGM’s financial trouble causes delay in making of next James Bond

The sequel to James Bond’s “Quantum of Solace” will not hit the big screen before a while because of MGM’s financial difficulties at the moment. Worries about the company’s future arise.

Producers Michael G. Wilson and Barbara Broccoli 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 of ‘Bond 23′ indefinitely.”

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But this raises questions over the future one of the biggest Hollywood production house. We are a long way for the 1950’s when MGM used to be called, as Nick Allen recalls in The Telegraph, “the most successful studio in the world”.

Lets not forget that it is MGM who created the Hollywood star system which flourished with Greta Garbo, Clark Gable, Buster Keaton and all that followed.

What’s next for MGM?

Yesterday, the AP released a report announcing that “MGM put itself up for sale after a slump in DVD sales and a lack of hits left it unable to manage a $3.7 billion debt.”

On the verge of bankruptcy, MGM is now looking for a new owner.

Can such an elephant in the industry like MGM ever die? And if it does, how will it affect Hollywood?

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