New Bond Movie Canned

By Justin Worsley

After being delayed indefinitely, the new James Bond film has been canceled by MGM due to their ongoing financial problems, according to Screenrant.com.

The new film, which was originally slated to be released in 2011, had one of the most promising casts of any 007 film, featuring Oscar-winner Sam Mendes (American Beauty) directing and a promising script from writer Peter Morgan (Frost/Nixon.)

Daniel Craig was attached to play James Bond for the third time. Many critics were awaiting to see how Craig would perform after the predecessor, "Quantum of Solace" received mixed reviews. Craig is currently on set in Randsburg, California for Jon Favreau's new movie, "Cowboys & Aliens."

The Bond series may not be the only film series in jeopardy for MGM. The production company has also delayed "The Hobbit," scaring off director Guillermo Del Toro and rumors have now circulated that actor Ian McKellan would not reprise his role as Gandalf.

The Bond franchise, however, is too financially successful to simply disappear. As many as 16 companies have been reported to have interest in buying MGM, one of the oldest production companies in film history. Whichever company ultimately buys out MGM will already have a structure to work on in the Bond films. MGM has produced every 007 films since 1981, when the company bought out United Artists.