Washington, Feb. 21 -- In a shocking update for all James Bond fans, Amazon MGM Studios is set to take creative control of the James Bond franchise.

This comes after the long-time producers and custodians of 007, Michael G Wilson and Barbara Broccoli, decided to step back from the franchise, reported Variety.

As per details of the historic agreement, Amazon MGM Studios, Wilson and Broccoli have formed a new joint venture to house the James Bond intellectual property rights. The three parties will remain co-owners of the iconic franchise but Amazon MGM will have creative control.

"Since his theatrical introduction over 60 years ago, James Bond has been one of the most iconic characters in filmed entertainment," Mike Hopkins, the head of...