The new movie will come out towards the end of May.
What does "come out towards" mean in the above sentence?
It will be available as we approach the end of May.
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'come out towards' is not a phrase.
'will come out' (appear, become available, be released) is a verb phrase
'towards the end of May' (as the end of May approaches, in the last few days of May) is a preposition phrase.