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One of the brands affected by Discovery’s deal with AT&T
The media business was shaken up, yet again, when AT&T announced today it’s opting to exit the media business and combining those assets with Discovery Inc.
Not that long ago, AT&T couldn’t wait to get into media as a way of combining “content” (Warner Bros., HBO, TBS, TCM, etc.) with wireless.
It was AT&T management that had Warner Bros. debut its 2021 film slate simultaneously in theaters (those that are open) and on the new HBO Max streaming service.
Never mind. AT&T’s media entities will be combined with Discovery’s, which include the likes of HGTV and The Food Network.
Why you should care: The deal announced today is a reminder that media (including, but not limited to, movie studios) remains volatile.
For James Bond fans, their hero is tethered to a media small fry, Metro-Goldwyn-Mayer. MGM reportedly is for sale. It would be no surprise if MGM gets gobbled up by a bigger media player.
Why you could care Part II: The AT&T-Discovery deal involves a lot of prominent media properties. Warner Bros. already has been affected by being acquired by AT&T. Who knows what happens next?
What happens next: MGM controls some prominent media properties (the Bond franchise among them). The AT&T-Discovery deal that well encourage additional media deals. MGM is owned by hedge funds so now may be the time to cash out.
Mission: Impossible 7 will go to the revamped Paramount Plus service after just 45 days of theatrical release, Variety reported. The traditional theatrical window has been 90 days.
The move covers other Paramount movies, according to Variety.
The development is yet another example of the crumbling of the traditional 90-day theatrical window between a movie’s debut and it becoming available in some form of home video.
AT&T’s Warner Bros. for its theatrical releases this year is making new movies available simultaneously in theaters and AT&T’s HBO Max. Other studios are trying to figure out how to deal with the tsunami of streaming that’s engulfing the movie business.
Here’s an excerpt from Variety’s story about Paramount:
Those films will debut exclusively in theaters as planned. However, the studio has newly shorten the amount of time they will play exclusively on the big screen. After 45 days, new Paramount theatrical films will debut on the streaming service Paramount Plus. As part of the arrangement, Paramount has adjusted its pay TV output deal with Epix in order to bolster movie offerings on the nascent streaming service. Along with new releases, Paramount Plus will offer a deep library of more than 2,500 films.
Epix is a premium channel owned by Metro-Goldwyn-Mayer, Bond’s home studio.
You shouldn’t read too much into this. MGM is in hock to the tune of almost $290 million for No Time to Die. MGM has its own hard decisions in the new era — all while the studio is up for sale.
Rather, you should view this news as yet another indicator of how the movie business is in turmoil generally.
The future of The Man From U.N.C.L.E., if it has one, needs to be different because of changes in the movie and television industry.
Traditional over-the-air networks (ABC, NBC, CBS and Fox) face increasing pressure and programs face tight windows to prove themselves or get canceled.
U.N.C.L.E.’s last try as a feature film in 2015 wasn’t a big hit. A sequel always was a long shot and with each passing year the odds get longer.
U.N.C.L.E.’s best chance at a revival may be as a series on streaming television. Marvel Studios is extending its universe of characters to series on Disney Plus. An initial effort, WandaVision, is getting a lot of attention, with outlets doing episode-by-episode recaps.
Corporate leaders such as those at Walt Disney Co. (Marvel’s parent company) and AT&T (parent company of Warner Bros.) are going all-in on streaming.
U.N.C.L.E. is a Warner Bros. property. So if U.N.C.L.E. went streaming it would be ticketed for AT&T’s HBO Max. In 2021, AT&T is using Warner Bros. films as a loss leader to drive traffic to HBO Max. The movies show up on the streaming service and theaters (those that are open) at the same time. The films stay on HBO Max for about a month.
Of course, where U.N.C.L.E. is concerned, things are never easy. If Warner Bros. is even interested, how do you cast about for a showrunner to oversee an HBO Max version of U.N.C.L.E.? Is there someone out there who can retain the core of U.N.C.L.E. while updating it for modern audiences?
U.N.C.L.E. had an overall optimistic center (agents of all nationalities, an American was paired with a Russian). The original series, though, in its fourth season showed that could be adapted to darker storylines.
Also, do you recast? Answer: Likely. The most recent movie was actually filmed in the fall of 2013. It’s hard to maintain momentum with actors audiences haven’t seen in the roles of Solo and Illya for years.
What’s more, if a showrunner was new to U.N.C.L.E. (a strong possibility if such a streaming show happened) that person would likely want to cast the leads. A fresh start makes sense.
The streaming route raises a lot of questions. But hoping for a sequel to the 2015-released film seems like a dead end. For U.N.C.L.E. to have a future, streaming may be the way to go.
Metro Goldwyn Mayer, home studio of James Bond, may be up for sale. This comes as No Time to Die, the 25th James Bond film, still (figuratively) sits on the shelf, unwatched.
Naturally, the blog has questions.
How solid is this news?
It originated with The Wall Street Journal, which cited people familiar with the situation it didn’t identify. The business newspaper initially published a relatively short story early the evening of Dec. 21. Within a couple of hours, the Journal expanded the article. The audio version of the story went from 2 minutes to 6 minutes.
The Journal has published a number of MGM-related stories in recent years, including how MGM spent much of 2016 unsuccessfully negotiating a sale to Chinese investors and an October article about how MGM was under increasing pressure by investors to sell.
How far along are things? If a sale happens, how long will it take?
The Journal reported MGM has retained investment banks Morgan Stanley and LionTree LLC and that a sales process is underway. That suggests things are at an early stage but there’s no way to know for sure. Meanwhile, the sale of an entire company or substantial subsidiary can easily take months.
Why would MGM want to sell?
The studio is owned by hedge funds, led by Anchorage Capital Group. Hedge funds typically own an asset for a few years and then sell at a profit. The hedge fund owners of MGM have held on to the studio for a decade, longer than the norm.
Then, there’s the No Time to Die money pit.
Money pit?
The cost of the 25th James Bond film was approaching $300 million as of June 30, according to a U.K. regulatory filing. Meanwhile the COVID-19 pandemic has delayed No Time to Die’s release twice (April 2020 to November 2020 to April 2021). MGM’s interest costs on its investment are running at a reported $1 million a month.
MGM normally would start to get its money back when the movie went into release. But, besides the delays, theater attendance is way down because of the pandemic.
Who are possible buyers?
The Journal said the studio is looking to non-traditional buyers. Certainly some familiar Hollywood names have their hands tied.
Walt Disney Co. still is digesting its acquisition of 20th Century Fox. The company’s theme park business also was hurt by the pandemic. Warner Bros. is part of AT&T, which is revamping its entertainment assets to build up its new HBO Max streaming service.
Tech company Apple Inc. is a possibility and it needs programming for its own streaming service. But Apple has lots of other ambitions, including getting into car production by 2024, according to Reuters. A deal with Apple isn’t a sure thing.
What does all this mean for the Bond franchise?
MGM and Danjaq LLC control the franchise. An MGM sales means, at the very least, that Danjaq will have to deal with yet another executive regime. Danjaq has had plenty of practice at that since 1981, when United Artists was bought by MGM.
There could be a bigger effect if an MGM buyer had a streaming operation, the way Apple does. Danjaq and its Eon Productions like to make a big movie every so often. Would Danjaq/Eon even be interested in doing streaming series, the way Disney Plus is doing with Marvel and Star Wars?
Hard to say. Barbara Broccoli of Danjaq/Eon said last year she was resisting the idea of spinoffs. Then again, things can change. We might get The Adventures of Bill Tanner or Loelia! as streaming shows.
So, one major studio, Warner Bros., says it will release its 2021 film slate simultaneously in movie theaters and on the HBO Max streaming service. Also, the costs of No Time to Die, the 25th James bond films continue to balloon.
Naturally, the blog has questions.
What does all this mean for No Time to Die?
It reinforces how No Time to Die was a pre-COVID-19 movie that will debut, one way or another, in a post-COVID-19 world.
What’s different? Really different?
Both Walt Disney Co. (Disney +) and Warner Bros. (HBO Max) are really committed to their corporate streaming services. The Warner Bros. announcement supposedly is temporary for 2021. But few believe this is a short-term step.
To be sure, HBO Max is available mostly in the U.S. But AT&T, the owner of Warner Bros., appears committed to streaming.
Yes, but No Time to Die has no tie to AT&T and Warner Bros., right?
True. The James Bond film franchise is tethered to Metro-Goldwyn-Mayer, one of the weakest Hollywood studios that doesn’t have a streaming service.
What does that mean?
It remains to be seen how streaming affects the Bond franchise. MGM reportedly reached out to other streaming services to license No Time to Die. Nothing came of it (as far as we know). But MGM is on the hook for a lot of money and loans related to No Time to Die.
How much?
B25 Ltd., a company formed by Eon Productions to make No Time to Die, said in a Dec. 1 U.K. regulatory filing that the film’s costs were approaching $290 million.
The traditional business model called for a wide, worldwide theatrical release, followed by a home video release. But COVID-19 has changed things. Movie theatres have been closed in multiple markets.
And now?
Everything is in flux. Netflix is putting pressure on traditional studios. Disney and Warner Bros. are trying to compete with Netflix with their own streaming services.
MGM, meanwhile, doesn’t have a streaming service. Reportedly, streaming services including Apple + considered a one-year license for No Time to Die but found MGM’s asking price too steep.
For now, No Time to Die is tied to the traditional business model.
Warner Bros. plans to make its 2021 film slate available on the HBO Max streaming service the same day the movies are released in theaters, Variety reported.
The movies will be on HBO Max for 31 days. After that time, they will be only available in theaters until the normal home video window opens up, according to the entertainment-news outlet.
The films involved include a new version of Dune, directed by Denis Villeneuve (a one-time contender to direct No Time to Die); The Matrix 4; and Suicide Squad.
Warner Bros. is doing something similar with Wonder Woman 1984. That film opens in international theaters in mid-month but will be on HBO Max and theaters in the U.S. starting Dec. 25.
AT&T owns Warner Bros., HBO and HBO Max, the latter intended as a streaming competitor to Netflix.
Metro-Goldwyn-Mayer, the home studio of the James Bond films, reportedly had shopped No Time to Die to streaming outlets. No leasing deal took place. The 25th James Bond film currently has an April 2021 release date in theaters.
The novel coronavirus (COVID-19) has played havoc with movie release plans, with many films being delayed multiple times.
Warner Bros. blinked, becoming the first studio to debut a big-budget “tentpole” film, Wonder Woman 1984, via streaming in the United Sstates.
The studio will release the sequel to 2017’s Wonder Woman on Dec. 25, both in theaters and on the HBO Max streaming service, Variety said. The movie will be shown in theaters internationally ” wherever theaters are open on Dec. 16,” Deadline: Hollywood said.
During this year’s COVID-19 pandemic, studios have played a game of chicken, with nobody wanting to debut their biggest movies while the coronavirus rages. COVID-19 has intensified this fall in the U.S., a major movie market.
As a result, the studios have delayed their big films repeatedly, including No Time to Die, the 25th James Bond film. The Bond adventure was pushed back from April 2020 to November 2020 and again to April 2021.
The conventional wisdom is the big budget movies need a theatrical release and can’t debut on streaming services.
But, as the pandemic has dragged on, inhibiting theater attendance, there has been more financial pressure on studios. Metro-Goldwyn-Mayer, Bond’s home studio, reportedly explored leasing No Time to Die to streaming services. For now, there’s no sign that will happen.
There are promising COVID-19 vaccines being developed but there are questions how quickly they can be deployed.
HBO Max is the streaming service being marketed by AT&T, parent company of Warner Bros. and HBO. AT&T is looking to HBO Max to compete with Netflix.
So are we any closer to knowing the fate of No Time to Die?
Answer: Not really.
A Dutch fan site, in an Aug. 3 post, says (via Google translate) there’s a “pretty big” chance that the 25th James Bond film will make its currently scheduled November release date.
“Maybe even 70%.,” according to the website.
The thing is, Bond fans don’t know. It’s hard to tell if the studios involved (Metro-Goldwyn-Mayer, Bond’s home studio, or Universal, which is handling international distribution) know at this point.
The novel coronavirus (COVID-19) is a moving target. The United States is the global hot spot for the pandemic, with some of its most-populated states (Florida, Texas and California) some of the worst locations for the pandemic.
Do studios follow the pattern that Warner Bros. seems to be following with Christopher Nolan’s Tenet (an international release in August with a limited U.S. release in September)?
The thing is, AT&T owned-Warner Bros. is a bigger operation than MGM. Warner Bros. has more options than MGM, the run of Hollywood’s studio litter, has.
For now, there’s a lot more uncertainty than certainty. We’ll see.
Zack Snyder, the original director of 2017’s Justice League, will see the light of day on HBO Max in 2021, the new stream service announced on Twitter.
The exact format may be not be decided. The Hollywood Reporter said “the Snyder cut” may be in a four-hour single edition or six “chapters.”
The entertainment news outlet said that Warner Bros. may spend an additional $20 million on the project.
Justice League was intended to be Warners’ answer to The Avengers films from Walt Disney Co.-owned Marvel Studios.
Justice League’s worldwide box office was almost $658 million, according to Box Office Mojo. While hardly a flop, it was far less than the four Avengers films released between 2012 and 2019.
What’s more, vast portions of Justice League were refilmed with director Josh Whedon, who helmed the first two Avengers films. It’s generally thought that Whedon lightened the proceedings from a darker Snyder version.
Since Justice League’s original run, things haven’t been quite the same for Warner Bros.’s cinema universe of DC Comics characters. Ben Affleck’s Batman has been replaced. The future of Henry Cavill’s Superman is unsettled. Warner Bros. has been deemphasizing the idea of a big cinematic universe.
HBO Max is AT&T’s entry in the streaming competition involving the likes of Netflix, Disney + and others. AT&T is the parent company of Warner Bros. and HBO.
Here are some long-term issues confronting the James Bond film franchise that extend beyond purchased helicopters or even the next 007 film (whenever it comes out).
MGM needs to get bigger or sell out: Metro-Goldwyn-Mayer, Bond’s home studio, is in a no man’s land in Hollywood.
It’s not big enough to release it’s own movies. In fact, it’s more of a television production company than an actual studio. What few movies it makes annually require cutting deal with another studio to distribute. The last four 007 films were released by Sony, with other MGM projects released by other studios.
Time Warner, which includes Warner Bros., has agreed to be acquired by AT&T. If that deal receives U.S. regulatory approval (not a sure thing), other deals may result.
That leaves MGM to decide whether it’s present strategy is adequate. If a new wave of deals develops, MGM probably has to move one way or another — get bigger or sell off to a buyer.
Eon’s succession plan: Eon is a private outfit that doesn’t discuss such subjects. Maybe it has one, maybe it doesn’t. Regardless, it needs a succession plan if it doesn’t have one.
Michael G. Wilson, one of the Eon principals, turned 75 last month. His half-sister, Barbara Broccoli, is only 56. But, as the saying goes, nobody lives forever.
Perhaps Gregg Wilson, one of Wilson’s sons who has been working on recent films, is being groomed to take more responsibility once his father retires. At this point, nobody really knows.
Is it time for new marketing ideas? There are recurring themes in marketing Bond films over the past two decades.
One of the most repeated is having the lead female actor talk about his character is Bond’s equal. It was uttered most recently by actress Lea Seydoux in an interview with Empire magazine in early 2015.
We get it. Bond women are now strong and independent. Maybe it’s time to come up new marketing points. Strong women in Bond films are now a given.
The Spy Command 