Amazon MGM Studios has formed a joint venture with Michael G. Wilson and Barbara Broccoli to house the new James Bond intellectual property rights. The new venture gives Amazon MGM Studios full creative control of the beloved 007 franchise, however all parties will remain co-owners together.

It's taking around $1 billion to have James Bond stewards Barbara Broccoli and Michael G. Wilson cede oversight to Amazon MGM Studios, sources say.

Michael G. Wilson and Barbara Broccoli will remain co-owners in a new joint venture with Amazon MGM that hands over the creative reins and control of all future production to the Jeff Bezos-founded company.