New Delhi, April 14 (IANS) Sony Pictures Entertainment has partnered with MGM to co-finance and distribute the 23rd "James Bond" movie, which will release Nov 9, 2012.

Sony will release the film throughout the world except for select international territories, where MGM will directly oversee distribution. The two studios will also explore co-financing opportunities on future motion pictures for the next five years as part of the deal, said a press statement.

"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," said MGM co-chairmen and chief executive officers Gary Barber and Roger Birnbaum.

In recent years, MGM and Sony have collaborated directly and indirectly on films like "Casino Royale", "Quantum of Solace", "21", "Yours, Mine and Ours", "The Pink Panther", and the forthcoming Kevin James comedy "Zookeeper".

"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," said Michael Lynton, chairman and CEO, Sony Pictures.

"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," added Sony Pictures co-chairman Amy Pascal.