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No Time To Die delays costing MGM $1million in interest per month

No Time To Die delays costing MGM $1million in interest per month (Picture: Twitter)

No Time To Die has suffered multiple setbacks thanks to the coronavirus pandemic and new reports have revealed that such delays are costing MGM big time.

The upcoming James Bond movie, which will star Daniel Craig as 007 for the fifth and final time, was supposed to be released in April 2020.

It became the first major film affected by the pandemic and was pushed back until November 2020, with the movie later being delayed for a second time and a new release date given for April 2021.

According to reports, the push backs have led to huge financial impacts with MGM said to be paying out $1million (£770,000) per month and that’s just in interest.

The interest payments are on the money borrowed by the studio to make No Time To Die, which it won’t be able to pay off until the film drops in cinemas next year.

Sources told The Hollywood Reporter: ‘MGM is suffering. Every major distributor at this point has a pile of unreleased expensive movies. The pile grows larger by the day.

No Time To Die has been delayed twice due to coronavirus (Picture: MGM)

‘These films are inventory. They are sitting there with no return on their investment. Even with low interest rates, the interest costs are piling up.’

It comes as speculation is mounting that No Time To Die could shun a cinematic release and instead premiere on streaming platforms.

‘Going the streaming route is not that crazy,’ the sources added. ‘You’ve spent the money. And you’re not getting it back anytime soon.’

Bloomberg reported that MGM held talks with Apple and Netflix about potentially releasing the highly-anticipated Bond movie via their streaming platforms, with insiders revealing the deal could be worth hundreds of millions of dollars.

MGM, however, has insisted that is not the case, with a spokesperson telling Variety: ‘We do not comment on rumours. The film is not for sale.

‘The film’s release has been postponed until April 2021 in order to preserve the theatrical experience for moviegoers.’

Bond actor Daniel is set to star in No Time To Die alongside Rami Malek, Naomie Harris, Léa Seydoux and Lashana Lynch.

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Credit: Original article published here.

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