The studio will take the reins for the 60-year-old movie property, while Michael G. Wilson and Barbara Broccoli will remain co-owners as they move to the sidelines as part of a joint venture transaction.

Amazon now has creative control over the James Bond franchise, the company announced Thursday, following reported tensions between the company and the series’ longtime producers, who disagreed with Amazon’s plans for the franchise.

Amazon MGM Studios announced on Thursday, Feb. 20 that it is taking creative control over the James Bond franchise from longtime producers Barbara Broccoli and Michael G. Wilson; the series last released a movie with 2021's No Time to Die,