MGM says moving NTTD to April was best move

Metro-Goldwyn-Mayer management said this week that moving No Time to Die’s release to April 2021 was the best move amid the continuing COVID-19 pandemic.

The shift “was not a decision we made lightly but was absolutely the right choice,” Christopher Brearton, MGM’s chief operating officer, said on a call with investors.

Moving the 25th James Bond movie to 2021 “best preserves and enhances its value,” he said.

Kenneth Kay, MGM’s chief financial officer, said studio management expects No Time to Die to “generate significant cash flow and earnings starting in the second quarter of 2021.”

Last month, there were multiple reports that MGM was considering proposals from streaming services, including Apple Plus, run by Apple Inc., for a one-year license to show No Time to Die. MGM’s only public comment was No Time to Die was not for sale.

During the call’s question and answer session, there were no queries abut those reports.

MGM management’s theme in the call was that better days are ahead for the studio. “We believe we have only scratched the surface of what we can achieve,” Brearton said.

MGM and Danjaq LLC, the parent company of Eon Productions, control the James Bond film franchise.

MGM says No Time to Die marketing gears up in early 2020

MGM’s Leo the Lion logo

Metro-Goldwyn-Mayer said this week that No Time to Die’s marketing will gear up in early 2020.

The film “wrapped filming in October and is on track for its Easter 2020 release,” Christopher Brearton, MGM’s chief operating officer, said on a quarterly call with investors.

“Marketing is slated to swing into high gear early in the New Year,” he said. “And we couldn’t be more excited about what we have in store for Bond fans around the world.”

The executive didn’t provide any additional details about the 25th James Bond film. There has been fan speculation when the first trailer for No Time to Die will be released. The James Bond & Friends podcast said in August that a rough cut of the trailer existed at that time.

Brearton’s remarks covered other upcoming projects, including a 2021 sequel for MGM’s recent Addams Family animated film (Brearton said Addams Family “will develop into a family franchise.”), Creed III and a new Tomb Raiders movie. Brearton also talked about MGM’s television business.

Also on the call, Chief Financial Officer Kenneth Kay said the company expects No Time to Die to help generate cash for the company. In 2019, MGM has been spending money on the Bond film and other projects as it increases film and TV production as well as investing in its Epix TV channel.

Kay referred to MGM’s movie business in 2020 as a “James Bond-led revitalized film slate.”

Unanswered Questions

Executives dodged two Bond-related questions on the call. The first was whether MGM had conferred with Eon Productions whether the Bond series could produce films on a more regular basis (“maybe every two or three years”) or move into streaming television the way Marvel Studios and Star Wars have. The last 007 film, SPECTRE, came out in fall 2015. MGM and Danjaq, Eon’s parent company, control the Bond franchise.

Brearton replied that MGM is focused on No Time to Die for now. “We’re in constant communication with Barbara (Broccoli) and our partners on the best way to maximize the value of the franchise,” he said.

The MGM executive was also asked about finding the next James Bond actor. Daniel Craig has said No Time to Die is his Bond finale.

“We’re very focused on this film, No Time to Die, in April,” the COO replied. “Going forward, we don’t speculate on that.”

MGM says little about Bond 25 or CEO’s departure

MGM logo

Metro-Goldwyn-Mayer didn’t a lot to say today about either Bond 25 or the abrupt departure of CEO Gary Barber.

MGM has a strong film slate in 2018 and will have “the return of James Bond in 2019,” Chief Operating Officer Christopher Brearton said in introductory remarks during an investor call Wednesday. The company earlier reported fourth-quarter and year-end 2017 earnings.

Chief Financial Officer Kenneth Kay said almost the the same thing as Brearton. He said MGM films in 2019 would be “headlined by the return of James Bond. We are working with out partners at Eon Productions on what we believe will be another highly successful installment of this evergreen franchise.”

Later, during a brief question and answer session, executives were asked about the progress of negotiations for a Bond 25 distributor.

“We don’t have any formal update on this right now,” Brearton said. “We will be updating you when we have further progress in that regard.”

For now, Bond 25 doesn’t have announced distributors. MGM last year formed a joint venture with Annapurna Pictures to distribute each other’s movies in the U.S. market. But Bond 25 wasn’t part of that deal. And even if the joint venture handles Bond 25 U.S. distribution, there’s the question of who will distribute the film in international markets.

MGM had even less to say about Barber’s exit. “We will not be addressing questions about Gary’s departure,” Brearton said.

With Barber gone, MGM is being supervised by an “office of the CEO” that reports to the board of directors. Brearton talked up how remaining executives “are all energized and focused.”

Brearton, an entertainment lawyer, joined MGM last month. Barber became the top MGM executive in 2010 and led the company out of bankruptcy. MGM in October extended his contract through 2022. The extension occurred just months before Barber was fired.