It’s just sad, that’s all. A once great movie studio reduced to less than nothing. News comes (via AICN, Cinematical) that the next James Bond film, delayed for some time (as is everything else MGM-produced) due to MGM’s never-ending money issues, is officially off the production table and back in a drawer somewhere. What was an official indefinite suspension has become an official cancellation.

The film, which Peter Morgan was once writing for Sam Mendes to direct, will need a new home before it gets into production, let alone into theaters.

Furthermore, Ian McKellen told New Zealand’s “Good Morning” Show that he’s not simply waiting around for a decision on The Hobbit to be made:

“Well, I’m not under contract and my time is running out and I’m enjoying working in the theater and frankly, I would like to race after doing ‘Waiting For Godot,’ get on with doing another play but we’ll have to see. I don’t give the producers the impression that I’m sitting waiting.” [The Playlist]

Recall that McKellen is the same man who once said shooting on the film(s) would start rather soon. It seems even he has lost hope.

It’s all bad news I’m afraid. And with MGM’s back catalog, who could afford to buy them out these days? Certainly bad news on the whole.

What do you think of this? Will The Hobbit get made? When will we see Bond in action again?