Home > Vulture News > Sequels In Trouble: Disney Cancels ‘Proposal 2′; MGM Postpones ‘Bond 23′ Indefinitely

Sequels In Trouble: Disney Cancels ‘Proposal 2′; MGM Postpones ‘Bond 23′ Indefinitely

THE_PROPOSAL_DANIEL_CRAIG

All the recent news related to big budget blockbusters and sequels being postponed or canceled has come as a genuine surprise, since milking a formula that has already been successful has been Hollywood’s bread butter going back to the days of the nickelodeon. Disney recently announced that it would not be moving forward with a sequel to The Proposal or the McG directed 20,000 Leagues Under the Sea, which was just announced in January. Even though The Proposal only cost $40 million and grossed over $315 million worldwide and 20,0o0 Leagues seemed like surefire hit (since it was based on a Disney theme park attraction like Pirates of the Caribbean) the main reason for not putting them into production seems to be their lack of merchandising potential. Disney CEO Bob Iger explained the decision at the UBS Global Media and Communications Conference back in December. He said:

The value to our company of a really high-quality, successful Disney/Pixar — and down the road, Marvel — film is going to be a lot greater over time than any we could create from a non-Disney branded, or non-Pixar or non-Marvel film. That is where we are headed.

MGM has similarly canceled production on the next Bond movie, although the reason has less to do with a change in direction than with their bottom line. For the last year, the studio has been perilously close to declaring bankruptcy. The situation is so dire that MGM management recently resorted to giving a presentation that involved asking creditors upfront for more money. Despite a $500 million offer from Relativity Media at the beginning of April, all production, including Bond 23 and Peter Jackson‘s The Hobbit has been halted.

Despite the fact that many studios are proceeding more cautiously, a robust slate of sequels will no doubt continue to be rolled out. The Proposal sequel isn’t likely to get made, but the movie’s director, Anne Fletcher (who is also responsible for hits like Step Up and 27 Dresses) has been tapped by Disney to direct Enchanted 2. No doubt we can expect the toy line and fast food tie in by next Christmas. It might just be adult comedies and dramas that get lost in the shuffle. But then again, what else is new?

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