After rumours circulated online, Amazon has now confirmed that Amy Pascal and David Heyman will steer the next James Bond adventure.

The news comes after longtime producers Barbara Broccoli and Michael G Wilson gave creative control to the tech company in a deal that is reported to have cost around $1bn.

“We are approaching every creative decision with James Bond, which Barbara Broccoli and Michael G Wilson have so masterfully steered, with the greatest sense of responsibility,” Amazon’s film chief, Courtenay Valenti, said in a statement. “Part of an elite group of producers who have developed and managed massive film franchises to box office success and critical acclaim, Amy Pascal and David Heyman are two of the most accomplished, experienced, and respected film producers in our industry. We are honored to be working with them on James Bond’s next chapter and are excited to deliver to global audiences storytelling that upholds the impeccable legacy of this beloved character.”

Pascal has experience with the Bond series in her position as Sony’s chairman of film, overseeing Casino Royale, Quantum of Solace and Skyfall. She also had producer credits on the latest Spider-Man series and, more recently, Challengers. She is currently working on Greta Gerwig’s Narnia film for Netflix.

Heyman is best known as the producer of all Harry Potter films as well as the Fantastic Beasts franchise and is currently in pre-production on the much-anticipated HBO TV series. His other credits include Gravity, Paddington, Barbie, Wonka and Once Upon a Time in Hollywood. He is the second most commercially successful film producer of all time.

“James Bond is one of the most iconic characters in the history of cinema,” said Pascal and Heyman in a statement. “We are humbled to follow in the footsteps of Barbara Broccoli and Michael Wilson who made so many extraordinary films and honored and excited to keep the spirit of Bond very much alive as he embarks on his next adventure.”

The search is still on for who will play James Bond after Daniel Craig, whose last outing, No Time to Die, made $774m worldwide.

“My respect, admiration and love for Barbara and Michael remain constant and undiminished,” Craig said of the deal. “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.”

There’s been no confirmation of when the next film will be released.