[This is all hearsay. Go HERE for the definitive answer on Bond.]

According to AICN, all development on the next James Bond film has been canceled as MGM continues to deal with its financial problems.

This news shouldn’t come as a shock to anyone who has been following MGM’s ongoing troubles. In April, we learned that production on the film was delayed indefinitely.

Still, just because we all saw it coming doesn’t make it sting any less. With Sam Mendes signed on to direct and a “shocking story” from the mind of screenwriter Peter Morgan (Frost/Nixon, The Queen), the latest Bond film was shaping up to be one of the franchise’s best. After the relative disappointment of Quantum of Solace, I was very excited to see how Daniel Craig would fare in his third outing as 007.

The bright side is that the Bond franchise as a whole isn’t going anywhere. It’s simply too popular (and too big of a moneymaker) to disappear completely. If someone swoops in to save MGM, we may yet have a Bond film in the near future. If not, then the franchise will end up somewhere else.

Movie fans are feeling the burn of MGM's financial breakdown.

The bigger issue here is that the poor business decisions of MGM execs have messed up the company so badly that fans are now feeling the pinch. Besides the Bond franchise, MGM’s woes have also caused numerous delays to Peter Jackson’s version of The Hobbit. Not only were the delays responsible for scaring off Guillermo del Toro as director but as we reported yesterday, Ian McKellan might not return as Gandalf. Hollywood is about business first and foremost, but it’s never good when bad business gets in the way of good filmmaking.

MGM has always had a complicated relationship with the James Bond franchise (read about that long history HERE), and I am hopeful that this too shall pass, but that doesn’t mean we can’t complain about it for the time being!

Are you angry that MGM’s financial problems have forced the next Bond film to halt production completely? Let your righteous anger pour out in the comments.

Source: AICN