Amazon (AMZN) is betting big on the theatrical experience.
The tech giant plans to invest $1 billion to produce 12 to 15 movies a year exclusively for theaters, according to a new report from Bloomberg. That spending would be roughly on par with major film studios like Paramount Pictures (PARA), Bloomberg noted.
The report sent shares of theatrical giants like AMC (AMC) and Cinemark (CNK) higher on Wednesday, gaining 4.4% and 12.5%, respectively. Amazon did not immediately respond to Yahoo…
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