Amazon plans to invest $1 billion in movies for theaters

Amazon.com Inc. plans to spend more than $1 billion a year to produce movies that it will release in theaters, according to people familiar with the company’s plans, the largest commitment to cinemas by an internet company.

The world’s largest online retailer aims to make between 12 and 15 movies annually that will get a theatrical release, said the people, who asked not to be identified because the company is still sorting through its strategy.