New James Bond film starring Daniel Craig approved

The 23rd Bond will see Daniel Craig star as 007 for the third time

A new James Bond film has been given the go-ahead and is due to be released on 9 November 2012, film studio MGM and EON Productions have announced.

Producers Michael Wilson and Barbara Broccoli and MGM said the 23rd Bond would go into production in late 2011.

The latest 007 adventure, starring Daniel Craig for the third time, will be directed by Oscar winner Sam Mendes.

The franchise had been on hold amid financial troubles, with MGM filing for bankruptcy protection last November.

A rescue deal and restructuring plan put US firm Spyglass Entertainment at the helm of MGM, which had struggled due to several box office flops and a DVD sales slump.

Work on the 23rd film was suspended in April 2010 because of uncertainty over the company's future.

James Bond is one of the longest running franchises in film history.

Its return marks a four-year gap since Bond's last outing in 2008's Quantum of Solace.

Daniel Craig - who made his Bond debut in Casino Royale in 2006 - is the sixth actor to play the British secret agent in the official Bond series.

Sir Sean Connery, George Lazenby, Sir Roger Moore, Timothy Dalton and Pierce Brosnan preceded him in the iconic role.

Craig's debut, in Casino Royale, was the most successful instalment in the franchise's 48-year history, taking $594m (£385m) at the global box office.

The latest Bond screenplay has been written by Neal Purvis, Robert Wade and John Logan.