The studios announced the agreement last night [13] and will explore co-financing opportunities on future features produced by each studio over the next five years.

Sony will co-finance and theatrically market and distribute Bond 23 worldwide and will release the action thriller on Nov 9, 2012 excluding select territories where MGM will directly oversee distribution.

The parties said in a joint statement: “Sony Pictures and MGM look forward to Sony Pictures co-financing and distributing Bond 24 on a similar basis.”

Sony’s 2012 slate includes Men In Black 3, The Amazing Spider-Man, Resident Evil 5, Total Recall, Here Comes The Boom, 21 Jump Street and I Hate You, Dad.

“Sony Pictures is the ideal studio partner for us as MGM re-enters the filmmaking business,” MGM co-chairmen and CEOs Gary Barber and Roger Birnbaum said. “We have longstanding relationships with Michael and Amy and look forward to what promises to be a prosperous future together,” said Barber and Birnbaum.

“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,” Sony chairman and CEO Michael Lynton said. “Gary and Roger are incredibly thoughtful and experienced leaders who are outstanding creative executives and respected moviemakers. While we are excited to be back in the Bond business, we also look forward to future collaborations and I am confident that this agreement will be long-term, lucrative, and beneficial to both studios.”

“After successfully working on the re-launch of the James Bond franchise with Casino Royale and Quantum Of Solace [pictured], we could not be more proud or privileged to continue our association with Barbara Broccoli, Michael G Wilson, Daniel Craig, and the talented teams at EON and MGM,” co-chairman Amy Pascal said.