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Bond vs. Bond?
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October 14, 1997: 9:10 p.m. ET
Sony inks deal to produce Bond films, leaving MGM threatening a lawsuit
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NEW YORK (CNNfn) - In the midst of going public, Metro-Goldwyn-Mayer Inc. is threatening to file suit against Sony Pictures Entertainment over the claim to James Bond -- one of the most successful film series in history.
Sony Corp.'s Columbia Pictures late Monday said it has entered into an agreement with producer/director Kevin McClory and his company, Spectre Associates Inc., to make a series of new James Bond feature films. McClory wrote the original screenplays which were made into "Thunderball" in 1965 and "Never Say Never Again" in 1983.
"We're evaluating options including legal action," said Craig Parsons, a spokesman for MGM, which has owned the rights to the James Bond franchise since 1962. (3.56M QuickTime movie)
MGM has hired entertainment lawyer Pierce O'Donnell to advise the company as legal counsel, Parsons told CNNfn.
Sony's announcement comes at a particularly sensitive time for MGM, which filed a $250 million initial public offering with the Securities and Exchange Commission on Sept. 11.
The legendary motion-picture studio is hoping to peg the success of the IPO with publicity surrounding the upcoming December release of the 18th edition of the James Bond franchise, "Tomorrow Never Dies."
Indeed, MGM's dependence on Bond films and their producer, Danjaq LLC, is highlighted in the "Risk Factors" portion of its S-1 IPO filing.
Because of the public offering, MGM is restricted from commenting on material issues. But the so-called "quiet period" still isn't keeping down MGM Chairman and Chief Executive Frank Mancuso, who termed McClory's claim to the Bond franchise "delusional."
"Kevin McClory's claims of ownership of rights to James Bond have been disputed for over 10 years," Mancuso said in a written statement. "We hope that Sony has not been duped by Mr. McClory's deception. Today, more than ever, we will vigorously pursue all means to protect this valued franchise."
To date, Bond films have recorded worldwide gross ticket receipts of $3 billion.
-- Robert Liu
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