Amazon MGM Studios is set to take creative control of the James Bond franchise.

The shock announcement — which is sure to shake and, indeed, stir the industry — was made Thursday, alongside the news that long-time producers and custodians of 007, Michael G. Wilson and Barbara Broccoli, would be stepping back.

As per details of the arrangement, 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.