Report: Apple considered $400 million deal with MGM for latest James Bond film

Over the weekend, a wide range of reviews urged that MGM was involved in licensing the subsequent James Bond movie No Time to Die to a streaming service akin to Apple or Netflix. A brand new report right this moment signifies that Apple was sufficient within the deal to have made a suggestion to MGM, however the two sides have been too far aside to achieve an settlement.

The sooner reports indicated that MGM had shopped No Time to Die round with a roughly $600 million price ticket for a one-year license to the movie. MGM approached corporations like Apple and Netflix to debate the potential for a deal, however each are stated to have balked on the worth.

A brand new report from The Hollywood Reporter gives extra element on simply how Apple truly was in a possible deal for the James Bond film. In response to the report, Apple was the one streaming service “ sufficient to throw out a quantity.”

Citing a number of sources, the report says that Apple “mulled a suggestion” to MGM within the vary of $350 million to $400 million for a 12-month provide. This was too low for MGM to think about, the report says:

A number of sources say Apple kicked the tires on Daniel Craig starrer No Time to Die and mulled a suggestion within the $350 million to $400 million vary for what would have been a 12-month license. That was far in need of the $650 million to $700 million — one supply tells THR that even $800 million was talked about — that MGM hoped to get to make such a deal worthwhile.

The report goes to clarify the predicament that MGM faces because it continues to take a seat on the discharge of No Time to Die:

However what was driving this fishing expedition was MGM’s present monetary state. Sources say the Beverly Hills-based firm is accruing round $1 million in curiosity a month on the cash it borrowed to make No Time to Die, which it received’t have the ability to recoup till the film opens in theaters.

The sticking level for Apple was probably the truth that the deal was just for a one-year license to the movie. For comparability’s sake, Apple acquired 10-year unique rights when it acquired the Tom Hanks film Greyhound for $70 million earlier this yr.

The total report from The Hollywood Reporter is properly value a learn, providing an fascinating have a look at the struggles MGM and different studios are going through amid the COVID-19 pandemic.

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