For a moment, it seemed like James Bond had become the enemy of the people. I’m February, Amazon MGM Studios announced it had acquired the character's rights from the Broccoli family of producers, who had overseen the superspy for most the hero's cinematic lifespan.

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.

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.