The American media company, Metro-Goldwyn-Mayer Inc. has found a new distribution partner to restart their business. The studio has emerged from bankruptcy in December and is on the edge of announcing a renewal of its agreement for the 20th Century Fox to release its films worldwide on DVD till 2016. In addition to this, the arrangement is also for the first time for Fox to sell MGM titles on digital platforms such as Apple Inc.’s iTunes.
On Wednesday, the studio has signed a deal with the Sony Pictures to co-finance and also to distribute in theatres around the world for the next two sequels of ‘James Bond’. This agreement also provides certainty to the MGM in home entertainment. The new Chief Executives of the MGM, Gary Barber and Roger Birnbaum have been talking about this issue since the studio needed the assistance on both fronts lest it does not have the capability to release movies.
Half of the budget of the 23rd James Bond movie will be paid by Sony Pictures. The movie is set to release on November 9, 2012. Sony along with MGM has quoted that they will explore opportunities to co-finance other pictures through the next five years. Likely, MGM will co-finance the Sony’s remake of the Swedish hit, ‘The Girl with the Dragon Tattoo’ which is currently being shot by ‘The Social Network’ director, David Fincher. There is still discussion between them whether they could invest in the remake of the ‘Total Recall’ for its release in 2012.