2ND UPDATE: The new MGM brass, Gary Barber and Roger Birnbaum managed to leverage the James Bond #23 film for a piece of Sony’s in-the-works big movie based on the Stieg Larsson bestseller, The Girl With The Dragon Tattoo, which has already been shooting in Sweden under director David Fincher and starring Rooney Mara. Deadline has learned that Sony Pictures bosses Amy Pascal and Michael Lynton agreed to give MGM a co-financing deal for the big title and possibly other films already shooting, too, to help the reconstituted studio generate quick cash flow. This allows MGM to have revenue which it hasn’t had in a long time, so the books look better, and more funds for production could be forthcoming. (That’s exactly how Birnbaum and Barber built their Spyglass Entertainment in the first place: by investing in films it didn’t make, like the recently rebooted Star Trek.)
UPDATE: We’re told Paramount dropped out of the Bond bidding when MGM insisted on bringing the distribution fee under 8% and when MGM got “grabby” in wanting a piece of a Paramount established franchise that studio didn’t want to give up.
EXCLUSIVE 5 PM: Deadline hears that Sony Pictures is close to landing distribution rights to MGM’s James Bond franchise again, and specifically for the next untitled Bond #23, even though several studios are still very much in the hunt. Sony Pictures chiefs Amy Pascal and Michael Lynton distributed both Daniel Craig 007 pics, Casino Royale and Quantum Of Solace, and now have moved into first position to recapture 007. That’s because Sony is agreeing to allow MGM’s new leadership to leverage the next Bond pic, and indeed the Bond franchise, to create more cash flow for the reconstituted studio post-bankruptcy. The new brass, Spyglass Entertainment co-owners Gary Barber and Roger Birnbaum who are now the Co-Chairmen andCEOs of Metro-Goldwyn-Mayer, are finishing negotiations to co-finance a number of films with Sony. Deadline has learned that Pascal and Lynton have already found a title on the Sony slate for MGM to co-finance. That’s exactly how Birnbaum and Barber built Spyglass in the first place: by investing in films it didn’t make, such as The Sixth Sense and the recently rebooted Star Trek.
There’s no doubt this is a shrewd move by MGM, but Deadline also learned it wasn’t sitting well with the majors. Top execs at Sony and Fox and Paramount and Warner Bros were increasingly frustrated with the way that the Spyglass duo were playing one studio off another — “and enjoying it,” in the words of one exec involved. Sony at the time even described its strategy to win Bond #23 as ”pleading”. Now it looks like that worked along with agreeing to much of MGM’s negotiating terms.
Even though MGM holds sway on where Bond #23 lands, a 007 return to the Sony fold would please EON partners Barbara Broccoli and Michael Wilson. Amy Pascal in particular has developed a strong personal and professional relationship with Broccoli when they were making the transition from Pierce Brosnan to Daniel Craig. Broccoli and Wilson found Craig among a list of possible 007s, and the choice wasn’t popular at first. But Pascal supported Craig. Also Sony has a reputation for spending big to market Bond: for Casino Royale, Sony spent a humongous sum worldwide to introduce the new Bond. MGM was supposed to distribute the 23rd Bond film itself, until the studio was pushed into bankruptcy. Read More »