In a shakeup stirring the film industry and fans alike, creative control over the James Bond film franchise has been handed to Amazon (AMZN) after long-running producers Barbara Broccoli and Michael G Wilson announced they are stepping down, ending a protracted battle over the future direction of the iconic British spy hero.
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The pair ceded creative control to Amazon MGM Studios, which was formed when Amazon bought Bond’s parent studio in 2022. The films were launched in 1962 by Albert “Cubby” Broccoli, before his daughter and stepson took over the reins.
Broccoli Relents
It marks something of a volte-face for Broccoli, who has previously dismissed Amazon’s desire for “Marvel-style” expansion of the Bond franchise and been well quoted as saying Amazon executives were “f— idiots,” as referenced by the Wall Street Journal as recently as December, in a wide-ranging look at Bond’s long-running masterminds’ fractured relationship with the new owners. The impasse had left in tatters any hopes for a new Bond film, with 2021’s No Time To Die the last in the franchise.
But suddenly the tables have turned.
“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 honor 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,” commented Broccoli.
Wilson, Broccoli’s step-brother, said he is stepping back from producing the James Bond films to focus on art and charitable projects. “Barbara and I agree, it is time for our trusted partner, Amazon MGM Studios, to lead James Bond into the future,” he said in a statement.
AMZN Acquires MGM
In 2022 Amazon acquired MGM, including its huge catalog of more than 4,000 films and 17,000 TV shows. Since the $6.5 billion acquisition, Amazon has held rights to distribute the James Bond films, and will now have creative control over future productions.
Last year Amazon launched a spin-off TV series, 007: Road to a Million, hosted by Succession star Brian Cox.
Amazon will now choose the next actor to play Bond, though there is no timescale on when the next film in the franchise might be ready.
Cubby Broccoli launched the Bond films with Harry Saltzman in 1962 with Dr No, and was joined by Wilson as a producing partner for 1985’s A View to a Kill. Barbara Broccoli took over from her father to join Wilson as producer for 1995’s GoldenEye.
Apparently a spokesperson said financial details of the deal were for their eyes only.
Is AMZN a Good Stock to Buy?
On Wall Street, AMZN has a consensus Strong Buy rating based on 47 Buy and one Hold recommendations issued in the last three months. The average price target on AMZN stock of $268.91 implies about 20% upside from current levels.
