Cinemas stocks got a boost Wednesday after a report said Amazon plans to spend $1 billion a year on theatrical film releases. 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. Amazon has deepened its investments in original content over the years through its Prime Video streaming unit, as well as its movie and television studios. Earlier this year, the e-retailer bolstered its media ambitions when it acquired legendary movie maker MGM Studios for $8.45 billion.

---