Amazon MGM Studios are taking creative control of the James Bond franchise

Michael 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"

Barbara added: "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."

The studio are "honoured" to be taking creative control of the beloved franchise.

Mike Hopkins, head of Prime Video and Amazon MGM Studios, said: "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."

Amazon acquired MGM in 2022, and as well as taking over an extensive catalogue of more than 4,000 films and 17,000 TV shows, they also took the rights to distribute all of the James Bond movies.

The most recent Bond film, 2021's 'No Time to Die', was Daniel Craig's last outing as the suave spy and his successor has yet to be announced.