Amazon MGM takes creative reins of James Bond, ending an era of family control of 007

NEW YORK (AP) - In a James Bond shakeup that stirred the film industry, Amazon MGM announced 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.

Financial terms weren't disclosed. 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."