Something to Say ‘Yeeeah!’ About?

After weeks of bitter squabbling and name-calling, New Line Cinema and Metro-Goldwyn-Mayer are on the verge of an accord that would allow New Line to resume the use of the title “Austin Powers in Goldmember” on this summer’s third installment of the popular James Bond parody.

The negotiations were continuing Monday, and sources from both studios say an agreement could be reached in the next day or two. The terms being discussed have not been released.

An agreement would clear the way for New Line to launch almost immediately what is expected to be a massive marketing campaign for its new Austin Powers film--using the “Goldmember” title. The film is scheduled to be released July 26 in the U.S. and the United Kingdom. Early polling by the studios places “Austin Powers in Goldmember” as one of the four most recognizable films coming out this summer, along with “Men in Black II,” “Spider-Man” and the new “Star Wars” movie.

In January, a three-member arbitration panel of the Motion Picture Assn. of America ruled that New Line could not use the title because it hadn’t been properly registered with the MPAA. After that ruling, New Line launched a nationwide effort to recall its marketing materials containing the title “Austin Powers in Goldmember.” This included thousands of posters as well as movie trailers.

The controversy was made all the more bizarre when football fans watching this year’s Super Bowl game on Fox were treated to a commercial spot for the movie featuring comedian Mike Myers, who stars as the bespectacled ‘60s-era British secret agent--but without revealing the title. For weeks afterward, New Line simply referred to the movie as “Austin Powers 3.”

The MPAA panel took action after MGM and its sister banner, United Artists, complained that “Austin Powers in Goldmember” was an infringement on their 1964 Bond film “Goldfinger,” which starred Sean Connery as Agent 007. In the new movie, Myers plays a villain called “Goldmember.”

New Line had the right to re-petition the MPAA to use the title in mid-June. But the studio felt it needed to crank up its marketing campaign long before that, because this film will be its biggest summer release, so it pushed for an agreement with MGM to end the impasse.

The controversy was sparked after New Line went out early with the title last fall without properly registering it with the MPAA. The studio admitted it had goofed but later hoped that the issue could be resolved amicably, because precedent had already been established with the previous film, “Austin Powers: The Spy Who Shagged Me.” In that case, MGM had filed an objection to the title but lost the MPAA ruling.

The current case follows months of angry charges and countercharges that flew between the studios.

New Line claimed that MGM officials approached them with an offer to drop their objection provided that New Line agree to move the release date on its new Denzel Washington movie, “John Q,” which was opening opposite MGM’s new Bruce Willis film, “Hart’s War.” MGM strongly denied the allegation.

At the same time, sources said, New Line executives had allegedly approached MGM officials at a pre-Golden Globes party at the home of William Morris agent Jim Wiatt, offering to move “John Q” in return for a favorable decision on “Austin Powers.” New Line has denied that allegation. “John Q” and “Hart’s War” were both released Feb. 15.

To its defenders, Austin Powers is clearly a parody that cannot be confused with Bond. They say the comedy serves to introduce today’s young audiences to Bond, who aren’t as familiar with the super-sleuth as baby boomers are.

“Austin Powers: International Man of Mystery” debuted in 1997 with $53.9 million in domestic box office, followed two years later by the sequel “Austin Powers: The Spy Who Shagged Me,” which grossed $205.4 million in North America alone.