Amazon MGM Studios is set to take creative control of the James Bond franchise.

The shock announcement — which is sure to shake and, indeed, stir the industry — was made Thursday, alongside the news that long-time producers and custodians of 007, Michael G. Wilson and Barbara Broccoli, would be 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.

“We are grateful to the late Albert R. Broccoli and Harry Saltzman for bringing James Bond to movie theatres around the world, and to Michael G. Wilson and Barbara Broccoli for their unyielding dedication and their role in continuing the legacy of the franchise that is cherished by legions of fans worldwide. We are honoured to continue this treasured heritage and look forward to ushering in the next phase of the legendary 007 for audiences around the world.”

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Added Wilson: “With my 007 career spanning nearly 60 incredible years, I am stepping back from producing the James Bond films to focus on art and charitable projects. Therefore, Barbara and I agree, it is time for our trusted partner, Amazon MGM Studios, to lead James Bond into the future.”

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.”

In 2022, Amazon bought MGM for $8.5 billion, acquiring a vast catalog with more than 4,000 films and 17,000 TV shows alongside the rights to distribute all of the James Bond films.

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 in the press, there have been no announcements regarding the timeline for production of the next film or Craig’s replacement.