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BOND 23 is on hold until MGM gets its act together

In today's most disappointing news, production on the next James Bond film has been suspended indefinitely due to the ongoing uncertainty over MGM's future. Stewards of the franchise since 1995, Michael G Wilson and Barbara Broccoli of EON Productions issued a joint statement today, according to (via Filmonic).

"Due to the continuing uncertainty surrounding the future of MGM and the failure to close a sale of the studio, we have suspended development on 'Bond 23' indefinitely. We do not know when development will resume and do not have a date for the release of 'Bond 23,'" stated Michael G Wilson and Barbara Broccoli jointly.

While the timeline of Bond 23 has been up in the air for some time, it's sad to see it officially delayed. It could be months before Time Warner or another company purchases all or part of MGM. It's not a good situation. The film was scheduled to hit theaters in the 2011/2012 time frame.