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Amazon’s MGM Studios (AMZN) is getting creative control of the storied “James Bond” franchise as the company looks to deepen its position in the streaming wars, the company announced on Thursday.

The studio will form a joint venture to acquire the intellectual property rights from producers Barbara Broccoli and her stepbrother Michael Wilson. The pair, who has long held creative control, will remain co-owners of the franchise, along with Amazon. Financial terms of the deal were not disclosed.

“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.”

Amazon purchased Hollywood studio MGM Holdings in 2022 for $8.45 billion, including debt, as it worked to beef up its streaming service to better compete with the likes of Netflix (NFLX) and Disney (DIS).

At the time, Wall Street analysts and Hollywood watchers praised the deal, which gave Amazon access to a catalog of more than 4,000 movies, including the “James Bond” franchise, and 17,000 TV shows like “Fargo” and “The Handmaid’s Tale.” Notably, the deal only included distribution rights.

The company had long been at odds with Broccoli and Wilson, who had the power to decide when the “James Bond” films would go into production, as well as casting choices and the overall direction of storylines.

Now, Amazon will have that power. The franchise is currently searching for its next James Bond after Daniel Craig stepped away from the role in 2021.

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