ITV has signed a multi-year renewal contract with MGM's TV distribution unit to continue holding the free-to-air rights for the James Bond franchise.

The contract includes the rights to air the complete back-catalogue of more than 20 Bond films in high definition on ITV1 for the first time.

The agreement, which was unveiled on Monday by MGM Worldwide TV co-president Gary Marenzi, also includes rights to air the premiere of "Quantum of Solace" starring Daniel Craig, on terrestrial TV.

The financial terms of the new deal are not known. However, annual revenues from licencing MGM's library domestically and internationally are likely to be around $300m.

The agreement comes as MGM is struggling to meet its $3.7bn debt burden. The company is likely to face bankruptcy if it cannot come up with a viable restructuring plan.

Zai Bennett, ITV's director of digital channels and acquisitions, said "James Bond is a British cinematic icon loved by ITV's audience and we're delighted to continue the franchise's long association with ITV."