What's happened to the Bond Movie Franchise?

It's official: The new James Bond movie has been cancelled, and along with it the hard work of countless people who helped develop the latest outing, which would have been directed by Sam Mendes.

"We do not know when development will resume and cannot comment further at this stage." Stated EON's Barbara Broccoli and Michael G Wilson.

MGM, the iconic studio that brought the famous roaring lion to screens is drowning in a reported £2.5 billion debt due to a string of flops at the box office.

The budget for James Bond 23 was set to be around £130 million and would have been Daniel Craig's third outing as Bond. Despite the massive success of 2008's Quantum of Solace , which made over £380 million, MGM is looking for a buyer and is now in the hands of creditors.

The news is a major blow to Pinewood studios and to the British film industry as a significant portion of the production would have been shot in the UK. Despite the set back, it is unlikely that the Bond will disappear.

The franchise, based on Ian Fleming's novels, kicked off at the height of the Cold War in 1962 with Dr No starring Sean Connery. It has since spanned 5 decades, and has been a cultural phenomenon around the world, pushing the boundaries of technology in film production and the thriller genre. Its popularity has also influenced other movie franchises like the Bournes starring Matt Damon and the less serious, but highly entertaining xXx with Vin Diesel. Bond fans around the world will wait with anticipation on whether the next movie will star Daniel Craig, but with MGM currently looking for a buyer, it could be several years before we hear any further news.