Sony and Metro-Goldwyn-Mayer confirm in a statement that the studios have finalized the deal to distribute and co-finance high profile projects including the next two James Bonds films.

In the agreement announced Wednesday, Sony will distribute and co-finance the next spy movie under the working title, Bond 23, scheduled for release on November 9, 2012.

The new deal also indicated that the 24th James Bond movie, with the working title, Bond 24 , may have the same terms and conditions as they are on the 2012 saga.

The studios said that the deal - - declared by MGM’s Gary Barber and Roger Birnbaum and Sony’s Michael Lynton and Amy Pascal - - provides room for both the MGM and Sony to explore co-financing deals on other big projects each may enter into in the next five years.

The Bonds films are the first two projects MGM had got its hands on since it declared bankruptcy in December, allowing the studio to secure a $500-million credit facility.

“Sony Pictures is the ideal studio partner for us as MGM re-enters the filmmaking business. We have longstanding relationships with Michael and Amy and look forward to what promises to be a prosperous future together,” Barber and Birnbaum said in a statement, according to The Hollywood Reporter.

“In addition to working together on Bond, this deal expands our relationship with MGM as we explore co-financing opportunities on other high-profile projects,” Lynton, representing Sony, was quoted as saying in a statement by The Hollywood Reporter.

Sony also co-financed and distributed the last two Bond movies featuring Daniel Craig: "Casino Royale" (2006) and "Quantum of Solace” (2008). The films have earned a total of $1.2 billion in the box office worldwide. The next two films will also feature Craig to play the role of James Bond.

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