Clue: Classic film festival allows in 50 approximately (2,3)
Answer: EL CID
Explanation: Definition: Classic film
**EID** ("festival") *allows in* **L** ("50") + **C**(irca) ("approximately"), so **E(L-C)ID** 
*Eid is the Islamic festival which marks the end of Ramadan, and El Cid was a 1961 epic starring Charlton Heston.