Posted 21 April 2010 - 01:58 AM
The so far untitled movie, which will be the 23rd in the series about the British spy, had been due for release in 2011 or 2012.
James Bond is one of MGM's most lucrative franchises.
But Michael Wilson and Barbara Broccoli, the producers of James Bond, said in a joint statement, "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."
The two producers added that they do not know when development of the film will resume and when it will be released in theaters.
A representative for MGM could not be reached for comment.
MGM last year began exploring a potential sale of itself, and sources said in March the company received a $1.5 billion bid from Time Warner Inc.
It was the highest bid received for MGM, but still below the $2 billion or more that the storied Hollywood studio had initially hoped to receive, and it could still file for bankruptcy, sources have said.
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