Proving once again that Apple (NASDAQ: AAPL) doesn't have to do much to bate the media industry's breath, word that top company executives had discussed purchased Time Warner Inc. has ticked up media stocks over the last two days.
According to Financial Times, Eddy Cue, who oversees Apple's iTunes store, as well as Apple Music and iCloud, broached the idea of buying the home of HBO, Turner Networks and the Warner Bros. film and TV studios, to Time Warner corporate strategy chief Olaf Olafsson.
The talks never reached the level of chief executives Tim Cook and Jeff Bewkes. But word of them provided enough of a buzz to propel TWX's stock 3.5 percent in pre-market trading. But the media conglomerate wasn't alone.
Netflix shares also spiked 1.5 percent, with speculation heating up that Apple wants to acquire original video content.
According to 9to5Mac, Apple is looking to acquire programming talent and resources and is upping what it spends on producing content by a factor of "several hundred million dollars" a year.
Without ever actually confirming anything, Apple has been trying to gain entry into the TV business for several years. Last year, the Wall Street Journal reported that the company tried to launch a new live-streamed pay-TV service that included local broadcast affiliates. Apple has reportedly abandoned those plans, however.
For more:
- read this Bloomberg story
- read this 9to5Mac story
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