Yahoo Finance Live’s Akiko Fujita discusses reports that Amazon could soon invest $1 billion a year to produce movies for theaters.
AKIKO FUJITA: We are getting some breaking news right now with reporting coming out of Bloomberg, that Amazon plans to invest more than a billion dollars a year to produce movies for theaters. If confirmed, it would mark the biggest commitment to cinemas by an internet company to date.
Now, the reports add, the online retail giant plans to release 12 to 15 movies annually. Shares of AMC and Cinemark hitting session highs on the news there. Cinemark getting the biggest pop up nearly 6 and 1/2%.