The legendary movie studio MGM has put the wheels in motion to get back into film distribution, forming a partnership with Megan Ellison’s Annapurna Pictures. The AP reports that the joint venture could have ramifications for the next James Bond film.
“Metro-Goldwyn-Mayer and Annapurna on Tuesday announced a partnership to distribute films in the United States,” the AP reports. “The move signals growing ambitions for MGM, which was once one of Hollywood’s premier brands. After financial struggles, the Beverly Hills, California-based studio, founded in 1924, emerged from bankruptcy protection in 2000 and has since released its films through larger studios.”
In a statement, Gary Barber, MGM chief executive and chairman, said: “The time has come for MGM to regain control of its own destiny and return to U.S. theatrical distribution.”
“MGM remains the home of James Bond, but neither MGM nor Annapurna said if the next Bond movie, planned for 2019, is a part of their new deal,” the AP re4ports. “MGM’s pact with Sony Pictures on the franchise expired in 2015. Worldwide distribution rights for the 25th Bond film, MGM said, would be announced ‘at a later date.’”
The two companies said they will team to release about 15 movies a year, including six to eight by MGM. Annapurna will handle campaigns for all MGM titles.