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.

In a move that's sending shockwaves through the entertainment industry, Amazon confirmed today (February 20) that it had formed a new joint venture with long-time franchise overseers Michael J. Wilson and Barbara Broccoli.

In news that will surely send shock waves through the industry, Michael G. Wilson and Barbara Broccoli are longtime producers of the James Bond franchise are stepping back in the creative process and handing over control to Amazon MGM Studios.