Amazon to produce movies for theaters, Prime

Amazon.com Inc. is getting into the movie business, building on some early successes in TV production, the latest sign of the Internet retailer's eagerness to build itself into a major Hollywood player.

According to Reuters, the company is planning to produce up to 12 movies a year for theatrical release which would then become available on its Prime video streaming service within two months.

Budgets of the films would be between $5 million and $25 million, spokeswoman Sally Fouts said.

Read more from Reuters.