Body heat movie story11/19/2022 So going the streaming route is not that crazy. Even with low interest rates, the interest costs are piling up. They are sitting there with no return on their investment. The pile grows larger by the day,” says Hal Vogel, CEO of Vogel Capital Research. Every major distributor at this point has a pile of unreleased expensive movies. Sources say the Beverly Hills-based company is accruing around $1 million in interest a month on the money it borrowed to make No Time to Die, which it won’t be able to recoup until the movie opens in theaters. 10, 2019, release.)īut what was driving this fishing expedition was MGM’s current financial state. You’re better off focusing on your own originals.” (Netflix has been investing heavily in its original action movies, notably its Michael Bay spy thriller 6 Underground, starring Ryan Reynolds, which cost at least $150 million and was viewed by 83 million member households within a month of its Dec. “Bond is a one-shot kill,” says one top executive, “but is it worth it? You’d be setting up a need for a Bond-like movie once a month and for $500 or more, it’s not worth it. And MGM was basing their numbers on a presumed global box office of over $1 billion, a figure attained by 2012’s Skyfall but not by 2015’s Spectre, which grossed $880 million.īut to streamers such as Netflix, the numbers were a nonstarter. There is also the $50 million or more spent on marketing the movie, which has been (so far) twice delayed. Then there are generous box office bonus deals for stars Craig, Rami Malek as well as director Cary Fukunaga and others. There are licensing fees that need to be paid to United Artists, co-run by Megan Ellison’s Annapurna and MGM, and to Universal Pictures, which is currently set to distribute the movie internationally. The movie cost around $250 million to produce, including the tax incentives from some of the shooting locations. The valuations on the MGM side are informed by several factors. (Bloomberg first reported Apple’s offer.) That was far short of the $650 million to $700 million - one source tells THR that even $800 million was mentioned - that MGM was hoping to get to make such a deal worthwhile. Multiple sources say Apple kicked the tires on Daniel Craig starrer No Time to Die and mulled an offer in the $350 million to $400 million range for what would have been a 12-month license. TV News' Dangerous Bet: Hedging on a Streaming Future MGM’s top shareholder is Anchorage Capital, run by former Goldman Sachs exec Kevin Ulrich, who leads the studio’s board of directors. Sources tell The Hollywood Reporter that the studio has been financially stretched thin while forgoing revenue from theatrical grosses and weathering a months-long film and TV production shutdown earlier this year amid the pandemic. While the scuttled deal says a lot about Bond, it may signal more about the present state of MGM. But only one streaming giant, Apple, was interested enough to throw out a number. Multiple sources confirm that MGM did explore a licensing deal for the latest 007 movie, No Time to Die, before the movie was delayed from its Nov. In recent days, Hollywood producers and executives have been taking part in a guessing game: How much is a complete, unreleased, James Bond movie worth? The short answer: Even the worldwide rights are not enough.
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