James Bond bosses to lose up to $50 million after postponing release - report

Studio executives made the decision to postpone the release amid the global coronavirus outbreak.

James Bond bosses are reportedly set to lose up to $50 million (£38 million) for postponing the release of their latest movie No Time to Die.

Executives at MGM, EON Productions, and Universal announced on Wednesday that they were pushing back the planned release of No Time to Die from April until November due to the global coronavirus spread, which has so far infected more than 100,000 people worldwide.

It has now been reported that the release change could lead to a staggering loss of between $30 million (£22.7 million) and $50 million for MGM, according to The Hollywood Reporter.

The figure stems largely from a costly marketing campaign which was already being run, including a trailer spot at the Super Bowl which is reported to have cost $4.5 million (£3.4 million).

However, if bosses hadn't postponed the date and had gone ahead with the April releases, they could have lost an estimated $300 million (£227 million) - around 30 per cent of the predicted $1 billion (£76 million) global box office take. In China alone, where the coronavirus outbreak originated last year, more than 70,000 cinemas have been closed since January.

Bond bosses announced the postponement in a statement, which read, "MGM, Universal and Bond producers, Michael G. Wilson and Barbara Broccoli, announced today that after careful consideration and thorough evaluation of the global theatrical marketplace, the release of No Time to Die will be postponed until November 2020.

"The film will be released in the U.K. on November 12, 2020 with worldwide release dates to follow, including the U.S. launch on November 25, 2020."

The movie, which will serve as Daniel Craig's final appearance as the 007 agent, also stars Lea Seydoux, Rami Malek, Lashana Lynch, and Ben Whishaw.

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