Barbara Broccoli made calls to her collaborators to tell them she and Michael G. Wilson were making a deal to relinquish James Bond creative rights.

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 MGM Studios, Michael G. Wilson, and Barbara Broccoli have have formed a new joint venture to house the James Bond intellectual property rights. The three parties will remain co-owners of the franchise.