In a James Bond shake-up that stirred the film industry, Amazon MGM announced on Thursday that the studio has taken the creative reins of the 007 franchise after decades of family control. Longtime Bond custodians Michael G. Wilson and Barbara Broccoli said they would be stepping back. Amazon MGM Studios, Wilson and Broccoli formed a new joint venture in which they will co-own James Bond intellectual property rights — but Amazon MGM will have creative control.

The deal is expected to close sometime this year.

“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,” Wilson said in a statement. “Therefore, Barbara and I agree, it is time for our trusted partner, Amazon MGM Studios, to lead James Bond into the future.”

Amazon bought MGM Studios in 2022 for $6.5 billion, a purchase that was motivated by the acquisition of a beloved franchise. Since the Daniel Craig era of 007 concluded with 2021’s No Time to Die, Broccoli and Wilson have reportedly clashed with Amazon MGM over the direction of Bond.

The announcement means that for the first time a Broccoli won’t be green-lighting a new film. “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,” said Mike Hopkins, head of Amazon MGM Studios.