Hollywood Recession Puts James Bond Pic On Ice

He’s known for having the highest tech gadgets on the planet, the hottest cars and the most beautiful women by his side, but perhaps not for the near future. It appears the recession has finally hit Britain’s sexiest secret agent, James Bond.

MGM confirmed to Access Hollywood on Monday that the next installment in the longest running franchise in film history has been put on hold.

“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,” Producers Michael G. Wilson and Barbara Broccoli told Variety, which first reported the news, in a statement. “We do not know when development will resume and do not have a date for the release of ‘Bond 23.’”

Rumors had surfaced that the 23rd installment would have been released in 2011 and Bond portrayer Daniel Craig had previously said production would begin this year. Kate Winslet’s soon-to-be ex-husband Sam Mendes was reportedly in talks to direct.

Neal Purvis and Robert Wade, who previously worked on Bond films “Quantum of Solace” and “Casino Royale” had been working on a screenplay with “Frost/Nixon” screenwriter Peter Morgan.

According to Variety, MGM, which put itself up for sale last year, is in debt to the tune of $3.7 billion.