Bond 25 announcements confirm director, distribution

Daniel Craig

Official announcements about Bond 25 being directed by Danny Boyle and its distribution were issued early Friday.

Versions were on the official James Bond website and official James Bond feed on Twitter.

They followed a story late Thursday by Deadline: Hollywood that Universal would distribute the movie internationally while a joint venture between Metro-Goldwyn-Mayer and Annapurna Pictures would distribute it in the United States. The story also said Boyle was confirmed as director.

The announcements also confirmed a Feb. 21 story in Deadline about how  Boyle would direct is a script by John Hodge were accepted. Boyle said as such in subsequent public appearances but that hadn’t been part of official announcements until now.

A March 8 story by Baz Bamigboye of the Daily Mail, who has had a number of 007 scoops confirmed in the past, said star Daniel Craig was “pulling out all the stops” to have Boyle direct the new Bond film.

The announcements reference Hodge working on Bond 25’s script. A July 24, 2017 announcement said veteran 007 screenwriters Neal Purvis and Robert Wade were writing Bond 25.

Excerpt from the announcement issued early today:

Daniel Craig returns as 007 and Academy Award-winning director Danny Boyle (Slumdog Millionaire, Steve Jobs) will direct from an original screenplay by Academy Award nominee John Hodge (Trainspotting) with production set to begin on 3 December 2018. Metro Goldwyn Mayer Pictures will release the film theatrically in the US on 8 November 2019 through its new joint venture for domestic theatrical distribution with Annapurna Pictures, and Universal Pictures will release internationally commencing with the traditional earlier release in the UK on 25 October 2019.

Here is what the Twitter version looked like:

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Deadline says Bond 25 distribution settled

Bond 25’s distribution has been settled, Deadline: Hollywood reported. with Universal taking over the international distribution.

Universal will also handle home video distribution, the entertainment website, citing sources it didn’t identify.

U.S. distribution will be through a joint venture that Metro-Goldwyn-Mayer and Annapurna Pictures formed last year, Deadline said.

That joint venture was announced on Oct. 31. Deadline reported in November that the joint venture was “thisclose” to securing U.S. distribution rights but no formal announcement has been made.

Deadline also said the movie will debut in the U.K. on Oct. 25, 2019, with a U.S. release on Nov. 8, 2019. The U.S. release date was announced by Eon Productions and MGM on July 24, 2017.

Bond 25 will begin production on Dec. 3 of this year, Deadline said.

UPDATE (11:55 p.m.): Deadline says the studios involved confirmed the news. Danny Boyle also  is now confirmed as director, the website said.

“We are delighted to announce that the exceptionally talented Danny Boyle will be directing Daniel Craig in his fifth outing as James Bond in the 25th installment of the franchise,” Eon’s Barbara Broccoli and Michael G. Wilson said in a statement quoted by Deadline.

“We will begin shooting Bond 25 at Pinewood Studios in December with our partners at MGM and thrilled that Universal will be our international distributor.” the duo said in the statement.

The distribution deal was put together more than 300 days after the release date was announced.

 

Fired MGM CEO explores making a bid for the studio

Gary Barber, former MGM chief

Gary Barber, ousted earlier this year as CEO of Metro-Goldwyn-Mayer, is looking into a bid to acquire MGM, Reuters reported, citing five people “familiar with the matter.”

Here’s a key excerpt from the Reuters story:

MGM could be worth more than $5 billion including debt, and it is far from certain that Barber can raise the funds for a bid, the sources said. His potential bid, however, is aimed at convincing the hedge funds that own and control MGM to explore a sale, the sources added.

Barber owns about 9 percent of MGM through stock options after serving as its CEO between 2010 and 2018, according to the sources. He was let go abruptly in March from MGM after signing a five-year extension to his contract, according to the sources. MGM at the time did not give a reason for his departure.

Why 007 fans should care: MGM is the home studio of 007 films and it controls the franchise along with Eon Productions and its parent company, Danjaq.

In 2016, MGM explored a possible sale to Chinese buyers, The Wall Street Journal reported in February 2017. More recently, The Hollywood Reporter said in April that MGM was again looking into a sale, with its 007 rights a major selling point.

Potential Bond 25 impact: A change in MGM ownership may well affect the announced November 2019 release date for Bond 25. There is no announced distributor for the project.

Background: Barber became co-CEO of MGM in 2010 as it exited from bankruptcy. He eventually was the sole CEO.

MGM exited bankruptcy without a distribution operation. As a result it negotiated distribution deals with other studios. Sony Pictures distributed the last four 007 films (a relationship that began before the MGM bankruptcy).

MGM last year, while Barber was CEO, announced a joint venture with Annapurna Pictures that would release each other’s movies in the United States. But Bond 25 was not part of the deal.

What does this mean? Bond 25 remains a pawn of a chessboard controlled by various business interests.

Amusing trivia: Ian Fleming worked for Reuters in the 1930s.

MGM paid ex-CEO $15 million in severance

Gary Barber, former MGM chief

Metro-Goldwyn-Mayer, in reporting first-quarter financial results on May 16, disclosed it paid former CEO Gary Barber about $15 million in severance.

The home studio of the James Bond film series referenced the payment in a table labeled Adjusted EBITDA (EBITDA stands for earnings before interest, tax, depreciation and amortization).

The table listed $15.362 million as “non-recurring costs and expenses.” A footnote explained: “Non-recurring costs and expenses primarily consist of severance expenses related to the exit of our former CEO.”

MGM gave Barber the heave-ho in March, despite last year extending his contract to run through 2022. In December, in a Hollywood Reporter podcast, Eon Productions boss Barbara Broccoli said Barber was taking the lead on finding a distributor for Bond 25.

MGM also conducted an investor call about the first-quarter results. There was no mention about Bond 25. The only question during the call concerned how MGM is operating with a committee of executives.

The next 007 film adventure has claimed a November 2019 release date in the Unites States. However, there’s no announced distributor. Sony Pictures has released the past four Bond films.

 

Bond 25 questions: Daniel Craig payday edition

Daniel Craig in 2016 during the Brexit campaign in the U.K.

Variety says it knows Daniel Craig’s salary for Bond 25. Naturally, that raises questions. That’s the specialty of this blog.

Is Craig getting a pay raise or pay cut?

It depends who you believe, how accurate the news account and what currency exchange rates were at the time.

Back in 2012, after Skyfall became the first “billion-dollar-Bond,” outlets such as The Independent said Craig would receive 31 million British pounds to do two more 007 films.

At 2012 exchange rates, that would mean getting $49.7 million, or almost $25 million per film. At current exchange rates, that would be closer to $42 million, or $21 million per film.

Variety’s story says Craig is getting $25 million for Bond 25.

Given the currency swings and the like, it’s hard to say one way or another.

Still, the Variety figure is FAR LESS than the $150 million, two-film deal that Radar Online claimed Craig would receive in a September 2016 story.

In 2016, some Bond fans took to social media to argue Craig was worth every penny of that supposed $150 million, two-film deal.

That argument was made despite the fact that Craig hasn’t shown any evidence of being a box office draw outside of the Bond series.

Examples: The Girl With The Dragon Tattoo ($232 million global box office), and a film where Metro-Goldwyn-Mayer said resulted in a loss; Cowboys & Aliens ($174.8 million global box office); Lucky Logan ($47.6 million global box office); and Kings ($258,614 U.S. box office since April 27).

Does the Variety story mean Bond 25’s distribution/financing is wrapped up?

Not necessarily. MGM said in 2007 that Craig was signed for four more 007 films (or running through Bond 25). But one event (Craig’s contract) doesn’t directly affect the other (Bond 25’s distribution/financing).

Put another way: Craig isn’t going to collect on his contract (whatever the amount, whatever the length of time) unless there’s somebody to pay it.

MGM and Eon Productions announced a November 2019 release date back on July 24, 2017. No distribution deal was set then.

On Oct. 31, 2017, MGM and Annapurna Pictures said they formed a joint venture to release each other’s movies in the U.S. But that deal specifically exempted Bond 25.

In mid-December 2017, Barbara Broccoli said in a podcast of The Hollywood Reporter said Bond 25 distribution wasn’t set.

Maybe there’s been more progress since then. But Craig’s contract, in an of itself, doesn’t mean much.

Craig to receive $25M for Bond 25, Variety says

Daniel Craig

Daniel Craig is set to receive $25 million for Bond 25, Variety reported as part of a survey of salaries for major actors.

The story, by Brent Lang and Justin Kroll, doesn’t specify how the information was obtained. Craig’s $25 million was the highest actor figure referenced. Dwayne Johnson is due to receive $22 million for Red Notice (2020) and Vin Diesel received $20 million for 2017’s The Fate of the Furious, Variety said.

Anne Hathaway is set to receive $15 million for 2020’s Barbie while Jennifer Lawrence got a $15 million pay day for this year’s Red Sparrow.

The bulk of the article concerns trends in pay for movie stars.

“Studios have gotten stingier about cutting stars in on a share of the profits from big-budget movies, preferring to keep much of the spoils of a box office blockbuster for themselves,” Lang and Kroll wrote.

“Part of the problem is that costumed superheroes and Jedi knights became the big attraction at movie theaters,” according to the writers. “The size of a film’s opening weekend no longer hinges on the popularity of the actors who grace its poster. Special effects are the stars these days and the place where studios are spending the bulk of their money.”

Variety said while some actors can still get $20 million or more for a movie, “those checks are usually handed out for only major franchise installments and often are tied to reaching a significant number of box office milestones.”

In 2007, Metro-Goldwyn-Mayer said Craig was signed for four more 007 films after his debut in Casino Royale, according to an account at that time by The Hollywood Reporter. If true, that would mean Craig’s contract extended through Bond 25 all along.

Bond 25 questions: Release date edition

Daniel Craig

An announcement by Universal and a line in a Variety story have stirred the pot, getting fans concerned — or at least wondering — about Bond 25’s release date.

The announcement was made by Universal that it planned to release a Danny Boyle-directed comedy/musical in September 2019. That’s two months before Bond 25’s current release date of November 2019.

The line in the Variety story: ” MGM announced last summer that it would open Bond 25 on Nov. 8, 2019, but it’s unlikely to do so.”

So, let the questions begin.

How likely is Bond 25 to be delayed? Variety didn’t specify. In fact, it didn’t indicate whether that line was based on hard reporting or a simple assertion.

Meanwhile (while I was writing this very post), the MI6 James Bond website put out this tweet about the Variety story:

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That sounds like an endorsement of what Variety said. But Variety wasn’t the model of transparency with its readers. And there’s ways to be more transparent while not identifying specific sources.

Is there something else? Fans have mostly overlooked how Bond 25 doesn’t have a distributor.

Metro-Goldwyn-Mayer hasn’t had a distribution operation since emerging from bankruptcy in 2010. Sony Pictures’s most recent two-picture 007 distribution deal ended with SPECTRE.

MGM took a step last year to getting back into distribution by forming a joint venture with Annapurna Pictures to distribute each other’s movies in the U.S. But Bond 25 wasn’t part of the deal.

Deadline: Hollywood reported in November that the MGM-Annapurna joint venture had just about wrapped up U.S. distribution for Bond 25. But no announcement ever came. The Hollywood Reporter said April 4 that the distribution deal had been held up as MGM seeks to sell itself.

Under the most recent MGM-Sony deal, the two studios split the production costs while MGM kept 75 percent of the profits.

Unless MGM either sells itself or grows itself into a bigger entity, getting a distributor deal is vital to financing Bond 25.

Put another way, until you finance the movie, you can’t make the movie. There’s been an element of uncertainty surrounding Bond 25 all along. The November 2019 release date may have been built on a foundation of sand since it was first announced.