The studio will form a new joint venture with producers Michael G. Wilson and Barbara Broccoli to house the series’ intellectual property rights.

“My respect, admiration and love for Barbara and Michael remain constant and undiminished,” Craig said in a statement shared with The Hollywood Reporter. “I wish Michael a long, relaxing (and well-deserved) retirement and whatever ventures Barbara goes on to do, I know they will be spectacular and I hope I can be part of them.”

Craig is the actor to have most recently played the British spy character, having starred in five films in the long-running series: Casino Royale (2006), Quantum of Solace (2008), Skyfall (2012), Spectre (2015) and No Time to Die (2021).

THR reported earlier Thursday that Amazon MGM Studios will form a new joint venture to house the James Bond intellectual property rights. The studio gains creative control of the franchise in the new deal, while Wilson and Broccoli will continue as co-owners of the property. Amazon acquired MGM in 2022 and has since held the rights to distribute the James Bond movies.

The 83-year-old Wilson said in a statement that he would be stepping back from producing the films to focus on art and philanthropy. He and Broccoli have led creative decision-making for the Bond movies after taking the torch from their father, the late producer Albert “Cubby” Broccoli. The latter was involved in the franchise since its inception that dated back to the Sean Connery-led 1962 release Dr. No, which marked the first Bond feature.