MGM Chairman and Chief Executive Officer Gary Barber took part in a conference call yesterday revealing that the studio is expecting the twenty-fourth installment in the James Bond film franchise is expected to hit theaters within three years. The executive also stated that they have started the search for a new director due to Sam Mendes departing after Skyfall.

Here is what he had to say about the upcoming project.

"We are currently developing the screenplay and working with our partners. We look forward to developing the script soon and signing a director. We are hoping within the next 3 years it will be released, We are very excited about the franchise, we look forward to announcing a director soon."

Skyfall brought in over one billion dollars worldwide. Daniel Craig is expected to return as the super agent, making it his forth appearance in the franchise.