A consortium led by Japanese entertainment conglomerate Sony Corporation of America and its equal partners Providence Equity Partners, Texas Pacific Group, Comcast Corporation and DLJ Merchant Banking Partners announced in cooperation with Metro-Goldwyn-Mayer Inc. (MGM) a definitive agreement under which the investor group will acquire control of MGM.

The announcement, made official on September 24 via press release, and subject to shareholder approval, calls for MGM to continue operation under the Metro-Goldwyn-Mayer banner as a private company headquartered in Los Angeles following the closing of the transaction.

Sony Pictures Entertainment will also co-produce new motion pictures with MGM, and distribute MGM’s existing film and television library through Sony Picture’s global distribution channels.

Sony Pictures and its equity partners in the MGM transaction have agreed to a distribution arrangement to air the combined Sony/MGM libraries on Comcast’s video-on-demand platform.

Under the arrangement, new cable channels will be also be created through joint venture for the exclusive broadcast of Sony and MGM content. Comcast will manage the joint venture channels.

'This is a compelling strategic transaction that will give MGM the ideal partners to build on its unique legacy,' said Alex Yemenidjian, Chairman and CEO of MGM.

The last independent major film studio, MGM was the company behind the James Bond, Pink Panther, and Rocky film franchises.

Based upon the British secret agent character with a license to kill created by author Ian Fleming, MGM’s James Bond film franchise has spanned twenty full length feature films through Eon Productions.

A total of five actors have played Bond in the MGM/Eon franchise: Sean Connery, George Lazenby, Roger Moore, Timothy Dalton, and most recently Pierce Brosnan.

The 21st installment in the Bond film series had been scheduled to begin production in January for a November 2005 release.

The Los Angeles Times reports that the production schedule will remain unaffected by the Sony-led acquisition.

In July, Entertainment Weekly published an interview with actor Pierce Brosnan in which he was quoted as stating 'Bond is another lifetime behind me', and specifically indicating he would no longer be playing the 007 Bond character. At the time the article appeared and in the subsequent months Brosnan did not voice any argument with its content.

Brosnan was originally contracted to appear in three Bond films. He then was signed to a single appearance contract to play the character in the Die Another Day (2002).

In the months leading up to the Entertainment Weekly article the media had tracked Eon Production’s failure to offer Brosnan a contract to appear in the planned 21st Bond film.

The Chicago Sun Times reported Brosnan had been terminated from his duties playing Bond after he turned 50.

A spokesperson for Eon Productions refuted the reports Brosnan had been fired citing the fact that the actor never had a contract to be fired from. However, Eon also confirmed no contract had ever been offered to the Irish-born leading man.

In the following months names of potential actors to replace Brosnan as the sixth official Bond were floated in the press earning various levels of interest. Proposed contenders included established stars Russell Crowe (Gladiator) and Jude Law (Cold Mountain), up and comers Collin Farrell (SWAT) and Dougray Scott (Mission Impossible 2), and new comers Ioan Gruffudd (Horatio Hornblower) and James Purefory (Resident Evil).

Based upon target audience response and studio sources, ultimately a short list of the top five contenders was identified by the media.

Unofficially dubbed “The Bond Five”, the MGM short list consisted of Hugh Jackman (X-Men), Clive Owen (King Arthur), Rikki Lee Travolta (Camelot Excalibur), Eric Bana (The Hulk), and Adrian Paul (Highlander Endgame).

Public interest in the five replacement candidates swelled to the degree that casinos in England, Ireland, and the United States laid odds and took bets on which of the Bond Five would be named the official replacement.

An erroneous report by the Sunday Mirror on September 12 claiming confirmation from industry sources that dark horse candidate Dougray Scott had been secretly signed to play Bond sent betting odds through the roof, causing all bets to be closed.

Days later, the Daily Record revealed the Scott casting story as false, with confirmation by the actor’s mother Elma Scott. Ironically, the Daily Record is a sister publication of the Sunday Mirror which originated the inaccurate casting story.

James Bond information source MI6.co.uk reports that following the announcement of the Sony-led MGM acquisition, Brosnan has reportedly expressed revived interest in pursuing a return to the Bond role.

In an LA Confidential magazine story, Brosnan now argues he was misquoted in the Entertainment Weekly article and that he has not made any official statement regarding his future with Eon Productions.

At the time that Brosnan was quoted by Entertainment Weekly as resigning from the Bond role, the Associated Press reported the maneuver could be a potential negotiating ploy.

During his previous contract negotiations, Brosnan let speculation build to the last hour before agreeing to terms. At that time E! Entertainment and the Chicago Sun Times were reporting Travolta, Paul, Christian Bale, and Ewan McGregor as favorites to step in to the Bond role.

If Brosnan’s comments were a strategic bargaining ploy and not a misquote, it could prove a costly gamble.

Public interest in the future of the Bond franchise has increased since Brosnan’s alleged departure from the secret agent role and Jackman, Owen, Travolta, Bana, and Paul have been linked as potential replacements.

According to the Hollywood Reporter, producers Barbara Broccoli and Michael Wilson may be interested in moving the Bond character in a younger direction.

Terms of the Sony-led acquisition call for purchase of MGM stock at $12.00 cash per share, plus assumption of MGM’s approximately $2 billion in debt.

Variety reported in August that production locations are being scouted in Prague as a cost cutting alternative to U.K.-based Pinewood Studios, where previous Bond films have been shot. The budget for the 21st Bond film is estimated at $100 million.