Amazon’s MGM Studios (AMZN) gets creative control over the legendary “James Bond” franchise while the company wants 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 of producers Barbara Broccoli and her step -brother Michael Wilson. The couple, which has long had creative control, remains co-owners of the franchise, together with Amazon. Financial conditions of the deal were not disclosed.
“With my 007 career of almost 60 incredible years, I step back from producing the James Bond films to concentrate on art and charity projects,” Wilson said in a statement. “That’s why, Barbara and I agree, it’s time for our familiar partner, Amazon MGM Studios, to lead James Bond to the future.”
Amazon bought Hollywood Studio MGM Holdings in 2022 for $ 8.45 billion, including debts, because it worked to strengthen its streaming service to better compete with Netflix (NFLX) and Disney (DIS).
At the time, Wall Street -analysts and Hollywood -Wooders praised the deal, which gave Amazon access to a catalog of more than 4,000 films, including the “James Bond” franchise, and 17,000 TV programs such as “Fargo” and “The Handmaid’s Tale” . In particular, 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 general direction of the storylines.
Now Amazon will have that strength. The franchise is currently looking for his next James Bond after Daniel Craig left the role in 2021.
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