MGM watch: Craig’s `Dragon Tatoo’ loses money, LA Times says

Metro-Goldwyn-Mayer, trying to comeback from bankruptcy, had a setback, according to the Company Town blog of the Los Angeles Times: The Girl With the Dragon Tatoo, starring Daniel Craig, ended up a money loser.

Here’s an excerpt:

Returns of $231 million in worldwide box office wasn’t enough to turn a profit on “The Girl With the Dragon Tattoo.”

Metro-Goldwyn-Mayer disclosed in financial results released this week that it is booking what Co-Chief Executive Gary Barber called a “modest loss” on the film. On a conference call with shareholders, he said the independent studio, which covered 20% of the approximately $100-million production budget for the movie co-financed and distributed by Sony Pictures, needed “Dragon Tattoo” to collect about 10% more revenue in order to break even.

You can read the entire story BY CLICKING HERE. According to the Los Angeles Times, MGM is in talks with Sony to reduce the budget for any future installments.

We reference this story for a couple of reasons: 1) MGM owns half of the James Bond franchise along with Eon Productions and “Dragon Tatoo” was one of its first big projects since exiting bankruptcy; 2) Daniel Craig, the current cinema 007, was the movie’s star. When MGM was coping with its financial ills, there was speculation whether Craig would cease playing 007 while starring in “Dragon Tatoo” sequels. Whether any such sequels materialize remains to be seen.

MGM and Sony, meanwhile, are co-financing Skyfall, the 23rd James Bond film and the two have committed to collaborate on Bond 24. MGM, as part of its bankruptcy plan, said it wants to get Bond films back on an every-other-year schedule, with Bond 24 coming out in 2014. That, too, remains to be seen.

UPDATE: The Los Angeles Times, in a SEPARATE STORY says MGM has regained control of the United Artists brand from Tom Cruise. UA, when it was actually a studio and not just a label, released the first dozen 007 films produced by Eon Productions. UA got absorbed by MGM after Transamerica Corp. dumped it. The UA name was last on a Bond film with 1997’s Tomorrow Never Dies.