On Wednesday, Amazon MGM Studio announced that Denis Villeneuve will direct the 26th Bond movie, putting the franchise in the hands of one of the most respected big-budget filmmakers. Here's what to know about that decision, and where things stand for 007.

First, Amazon MGM secured creative control of the James Bond IP, then it brought Amy Pascal and David Heyman in to produce a new feature about the iconic spy. Now, the studio has found a director to lead the project.

Amazon MGM Studios announced earlier this year that it had gained creative control over the Bond franchise after a family had held those duties for more than 60 years.