The move paves the way for Amazon to offer more of the British spy series in theaters and on its Prime Video streaming platform.

Amazon MGM Studios has gained creative control of the James Bond film franchise by establishing a new joint venture with longtime custodians Michael Wilson and Barbara Broccoli. 

The move paves the way for Amazon to offer more of the British spy series in theaters and on its Prime Video streaming platform, after the company and the family had been at an impasse.

Broccoli, a film and stage producer, and her half-brother Wilson will remain co-owners of the business, according to a statement announcing the deal on Thursday.

Financial terms of the agreement weren’t disclosed, though the website Deadline reported Amazon was paying at least US$1 billion ($1.33 billion).

The deal marks the end of the iron grip the Broccoli family had on the franchise. Barbara’s father, Albert “Cubby” Broccoli, was one of the original producers of the Bond films and handed over control of his production house in 1995 to her and Wilson.

The James Bond films have grossed nearly US$8 billion in theater ticket sales alone since 1963’s Dr. No.

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

Amazon closed its US$8.5 billion acquisition of the iconic Metro-Goldwyn-Mayer film studio in 2022, a move to deepen its library of streaming content.

MGM, which has historically housed the James Bond franchise, gave Amazon a large catalogue with more than 4,000 films and 17,000 TV shows the streaming company could offer on Prime Video or its free-to-stream, ad-supported app.

The acquisition gave Amazon rights to distribute all of the James Bond films.

The Bond franchise’s fate has been hanging in the balance after four years since the last film, No Time to Die, which was actor Daniel Craig’s final appearance in the title role.