MGM Studios is set to lose millions of dollars after pushing back the debut of the new James Bond movie, No Time to Die, to November, due to the coronavirus outbreak.

According to The Hollywood Reporter, delaying the movie, which was slated to release on April 10, will cost the studio somewhere between $30 and $50 million. The bulk of the marketing campaign had yet to kick-off. But with just four weeks to go before the release expenses have already begun to add up, including a $4.5 million Super Bowl spot that ran in February.

According to the report, the alternative MGM was facing was far more costly, considering worldwide theater closures could have resulted in an even greater financial loss.

The effects of the coronavirus epidemic continue to place a stranglehold on various industries, now including the entertainment industry. The New York Times broke the news earlier this week that the much-anticipated new James Bond movie had officially been postponed due to the epidemic.

"After careful consideration and thorough evaluation of the global theatrical marketplace, the release of No Time to Die will be postponed until November 2020," said MGM, Universal, and Bond series producers Michael G. Wilson and Barbara Broccoli in a statement.

According to the statement released by the participating film studios, No Time to Die will now release on November 12 in the UK and November 25 in the United States.

No Time to Die is the latest movie in the Bond series following 2015's Spectre. Daniel Craig is reprising his role as James Bond, although this will be his final portrayal of the super agent. Check out the trailer below.

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