According to a report by the Bloomberg news, Amazon plans to invest more than a billion dollars annually to produce movies for theaters. If true, it will be the biggest commitment to cinemas by an internet company to date.
The report further added that the online retail behemoth plans to release 12 to 15 movies in a year. Shares of AMC and Cinemark have been said to be hitting session highs. Cinemark gets the biggest pop up nearly 6.5%.