Amazon to release new Woody Allen film

Amazon just upped its bets on original content, landing a feature film from Woody Allen.

Amazon said Thursday it has bought the North American rights to the iconic star's yet-to-be-titled movie. After its theatrical release this summer, it will be available only on Amazon Prime, the company said. 

Allen joins the likes of Spike Lee and Benjamin Dickinson, who have worked on feature films with Amazon's Original Movies initiative in the past two years.

The new Allen flick is billed as a period romantic comedy set in the 1930s starring Steve Carell, Blake Lively, Kristen Stewart and Jesse Eisenberg, according to a company statement. The deal was originally reported by Hollywood's trade publication Variety .

The movie is part of an ongoing effort called Amazon Studios, launched in 2010 to bolster original content for Amazon's streaming services. Amazon and Allen are also collaborating on a six-episode television series where he stars opposite Miley Cyrus.

Allen is just the latest headliner to go digital as competition heats up in online programming. Rapper and Beats Electronics co-founder Dr. Dre is rumored to be the star of an original drama by Apple . And Alphabet 's YouTube Red has delved into full-length movies using viral video stars like comedian Lilly Singh.

Shares of Amazon are up 40 percent over the past year.

— Reuters contributed to this report.