MUMBAI:The next two James Bond films from Metro-Goldwyn-Mayer (MGM) will be co-financed and distributed by Sony Pictures, it is understood.

The first film temporarily titled Bond 23 is set for worldwide release next year on 9 November. As for the next film, the studios said in a statement that they "look forward" to also partner on the film. 

Sony and MGM previously partnered on Quantum of Solace and Casino Royale. Together the films grossed almost $1.2 billion worldwide at the box-office.

MGM‘s new management reportedly negotiated a distribution pacts with other studios, including Viacom Inc‘s Paramount Pictures, but talks couldn’t progress on the financials.

As part of the Bond deal, Sony and MGM will explore co-financing opportunities on future motion pictures produced by each of the respective studios for the next five years, according to a statement.

That component favours MGM as it has no releases scheduled for this year. It recently announced it would co-finance Paramount‘s Hansel and Gretel: Witch Hunters, a $60 million 3D film set for release in March next year.