'In addition to working together on Bond, this deal expands our relationship with MGM as we explore co-financing opportunities on other high-profile projects,' Sony's head said.
One by one "Bond 23" is shaping up after it was suspended throughout 2010 because of MGM's financial troubles. Sony Pictures Entertainment has aided MGM in the distribution of the next James Bond movie which will be heading to U.S. theaters on November 9, 2012.
In a joint press release, Sony's Amy Pascal said, "After successfully working on the re-launch of the James Bond franchise with Casino Royale and Quantum of Solace, we could not be more proud or privileged to continue our association with Barbara Broccoli, Michael G. Wilson, Daniel Craig, and the talented teams at EON and MGM."
MGM and Sony have also struck a similar agreement to co-finance and distribute "Bond 24" at some future date. MGM was first talking to Paramount which declined to go below an 8% distribution fee and partner on other films. Sony, which released the last two James Bond movies, swooped in and may even work together with MGM on "The Girl with the Dragon Tattoo (2011)" and "Total Recall".
"Sony Pictures is the ideal studio partner for us as MGM re-enters the filmmaking business. We have longstanding relationships with Michael [Lynton] and Amy and look forward to what promises to be a prosperous future together," MGM's Gary Barber and Roger Birnbaum said.