Deal to sell ‘No Time to Die’ to streaming services for $600 million was ‘overtly’ explored

Netflix and Apple were among the streaming platforms interested in taking Daniel Craig's final James Bond film -- No Time to Die -- off MGM's hands after repeated delays in its release. The film, originally slated for an April 2020 release was pushed back to November, and has now been moved to April 2021, because of the coronavirus pandemic's impact on theatres.

Watch the trailer for James Bond film "No Time to Die" here 

Variety reports that the studio was asking for $600 million to offload the picture. While MGM denied the reports, Variety said that rival studios are claiming that the deal was 'overtly' explored.

During this period, studios such as Sony and Paramount have successfully sold major films such as Greyhound and Coming 2 America to streaming platforms. In India, Amitabh Bachchan's Gulabo Sitabo was among the first films to forego a theatrical release in favour of a direct-to-OTT debut. His son Abhishek Bachchan's Ludo and The Big Bull are slated to release on Netflix and Disney+ Hotstar, respectively.

"We do not comment on rumors. The film is not for sale. The film's release has been postponed until April 2021 in order to preserve the theatrical experience for moviegoers," an MGM spokesperson told Variety.

No Time to Die, directed by Cary Joji Fukunaga, was reportedly produced for $250 million. According to the report, MGM has already lost between $30 million and $50 million because of the delay. "It's unclear if producers Barbara Broccoli and Michael G. Wilson, who exert control of the series through their company Eon, would sign off on the deal," the report noted, adding that Universal Pictures, which owns the international distribution rights for the film, would have to be fully compensated.