The James Bond film franchise will no longer be controlled by longtime producers Michael G Wilson and Barbara Broccoli as they step back from the creative process and hand over the reigns to Amazon.

It was announced on Thursday that Amazon MGM Studios and the producers have "formed a new joint venture to house the James Bond intellectual property rights".

As part of the agreement, Wilson and Broccoli will remain co-owners of the franchise but creative control will go to Amazon.

Wilson, 83, said in a statement: "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.

"Therefore, Barbara and I agree, it is time for our trusted partner, Amazon MGM Studios, to lead James Bond into the future."

Broccoli, 64, added, as reported by Deadline: “My life has been dedicated to maintaining and building upon the extraordinary legacy that was handed to Michael and me by our father, producer Cubby Broccoli.

"I have had the honour of working closely with four of the tremendously talented actors who have played 007 and thousands of wonderful artists within the industry. With the conclusion of No Time to Die and Michael retiring from the films, I feel it is time to focus on my other projects.”

Albert 'Cubby' Broccoli launched the Bond films in 1962, before his daughter and stepson took over following his death in 1996.

Mike Hopkins, head of Prime Video and Amazon MGM Studios, said of Thursday's announcement: "Since his theatrical introduction over 60 years ago, James Bond has been one of the most iconic characters in filmed entertainment.

"We are grateful to the late Albert R Broccoli and Harry Saltzman for bringing James Bond to movie theatres around the world, and to Michael G Wilson and Barbara Broccoli for their unyielding dedication and their role in continuing the legacy of the franchise that is cherished by legions of fans worldwide.

"We are honoured to continue this treasured heritage, and look forward to ushering in the next phase of the legendary 007 for audiences around the world."