No Time To Die will not premiere on OTTs
The studio was said to be looking for a deal of roughly $600 million, which the streaming platforms were not ready to pay
Recent rumours had suggested that No Time To Die, which brings back Daniel Craig as the iconic spy James Bond, was exploring a $600 million one-year licensing deal with an OTT platform but MGM, the studio behind the film, has now quashed all such reports saying the film is not for sale for direct digital release.
According to reports, streaming platforms including Netflix, Amazon and Apple, had been exploring the possibility of acquiring the film. It happened after the studio MGM and producer Barbara Broccoli decided to postpone No Time To Die again, and move it from its rescheduled November release date to April next year due to the ongoing pandemic.
MGM has reportedly lost between $30 million and $50 million due to the delays, said sources.
"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," an MGM spokesperson said.
Despite the clarification, multiple sources from rival companies claimed that a possible Bond sale was explored, and believe that MGM was open to the possibility of selling the film but at a hefty price.
The studio was said to be looking for a deal of roughly $600 million, which the streaming platforms were not ready to pay.
For the makers, it cost over $250 million to produce the film.
This is the fifth time Craig essays the role of James Bond. He started off with Casino Royale in 2006, and followed it up with Quantum Of Solace (2008), Skyfall (2012) and Spectre (2015).
Fleabag star Phoebe Waller-Bridge is one of the co-writers of the new Bond film, directed by Cary Joji Fukunaga.
The 25th installment of the franchise also features Rami Malek as the new Bond villain, Safin, and brings back Lea Seydoux as Dr. Madeleine Swann, Ben Whishaw as Q, Ralph Fiennes as M, Naomie Harris as Moneypenny, and Jeffrey Wright as CIA agent Felix Leiter.