The LA Times is reporting that Metro-Goldwyn-Mayer and Sony Pictures have come to an agreement to partner on the next two James Bond movies. Within this agreement there is also the potential to co-finance other pictures over the next five years.

According to the pact announced Wednesday, Sony will co-finance the release of the James Bond movie. This will be the 23rd Bond film and it is slated to be released Nov. 9, 2012. Sony will also co-finance the 24th Bond movie.

The films will be released in the U.S. and most foreign countries by Sony, while MGM will retain the rights in a number of overseas countries.

According to the report by the LA Times, the studios have been talking with 20th Century Fox to extend the partnership for the release of Century Fox's library and new movies, including the Bond films, on DVD. This deal has yet to be finalized, though.

The Sony-MGM partnership extends beyond the James Bond films. The first joint venture will likely be the English-language remake of the Swedish hit Girl With the Dragon Tattoo. The film is currently being shot by director David Fincher, who did the Academy-Award winning movie The Social Network.

In December, MGM emerged from bankruptcy and secured a $500 million credit facility, according to the LA Times.