Metro-Goldwyn-Mayer is in advanced talks with a hedge-fund-backed media group that would enable the venerable Hollywood studio to dramatically increase its production of new films - including another James Bond release.

MGM was bought in 2005 for $5bn by a consortium that included Texas Pacific Group, Providence Equity Partners, Sony and Comcast. Since then, it has concentrated on distributing films made by other companies, such as The Weinstein Company, rather than investing in its own production.