Sony to co-finance Bond 23 and 24 with MGM

Much like it did with The Hobbit, MGM's financial troubles have left a cloud hanging over development of the 23rd installment in the James Bond franchise. Back in January production company EON set a release date of November 9th, 2012 for Daniel Craig's third outing as the suave secret agent, and now yesterday brought welcome news for Bond fans with the announcement that Sony Pictures have came on board to co-finance the movie and its subsequent sequel.

Here's the official press release...

Sony Pictures Entertainment will remain in the James Bond business after reaching an agreement with MGM to co-finance and theatrically market and distribute Bond 23 worldwide, it was announced today by MGM Co-Chairmen and Chief Executive Officers Gary Barber and Roger Birnbaum and Sony Pictures Chairman and CEO Michael Lynton and Co-Chairman Amy Pascal. Sony will release the next film in this iconic franchise on November 9, 2012 throughout the world except for select International territories, where MGM will directly oversee distribution.

Sony Pictures and MGM look forward to Sony Pictures co-financing and distributing Bond 24 on a similar basis.

"After successfully working on the re-launch of the James Bond franchise with Casino Royale and Quantum of Solace, we could not be more proud or privileged to continue our association with Barbara Broccoli, Michael G. Wilson, Daniel Craig, and the talented teams at EON and MGM,” said Pascal.

Sam Mendes (American Beauty, Road to Perdition) is set to take over directing duties with Daniel Craig and Judi Dench both confirmed to reprise their roles. Meanwhile the likes of Ralph Fiennes and Javier Bardem have been mentioned as possibilities for the villain, although Bardem's involvement with The Dark Tower may put him out of contention.