Amazon To Spend $1 Billion a Year On Theatrical Film Releases

Cinemas stocks got a boost Wednesday after a report said Amazon plans to spend $1 billion a year on theatrical film releases. CNBC reports: The tech company plans to make between 12 and 15 movies for movie theaters each year, Bloomberg reported, citing people familiar with the matter. A smaller number of films will be produced in 2023 as Amazon builds up its output, the report said. Cinemark jumped 11% on the news, with IMAX up 7% and AMC up 5%.

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