Amazon MGM Studios is taking creative control of the James Bond franchise.

The surprising announcement, which shocked the entire industry, was made Thursday, Feb 20. Moreover, long-time producers of 007, Michael G. Wilson and Barbara Broccoli, are stepping back.

As per details of the historic agreement, Amazon MGM Studios, Wilson and Broccoli have formed a new joint venture to house the James Bond intellectual property rights. The three parties will remain co-owners of the iconic franchise but Amazon MGM will have creative control.

“Since his theatrical introduction over 60 years ago, James Bond has been one of the most iconic characters in filmed entertainment,” said Mike Hopkins, head of Prime Video and Amazon MGM Studios.

End of Era: Salzman, Broccoli, Wilson–No Longer Custodians of Iconic 007

Broccoli commented, “My life has been dedicated to maintaining and building upon the extraordinary legacy that was handed to Michael and me by our father, producer Cubby Broccoli. I have had the honor of working closely with four of the tremendously talented actors who have played 007 and thousands of wonderful artists within the industry. With the conclusion of ‘No Time to Die’ and Michael retiring from the films, I feel it is time to focus on my other projects.

No Time to Die, the 25th James Bond film and Daniel Craig’s fifth and final turn as 007, was released in 2021 and earned $775 million.

Since then, despite endless speculation, there have been no announcements regarding the timeline for production of the next film or Craig’s replacement.