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Apple, Time Warner Hookup: Cupertino Caught Flirting in NYC

Image: Apple, Time Warner Hookup: Cupertino Caught Flirting in NYC
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By    |   Friday, 27 May 2016 07:10 AM

An Apple official raised the idea of buying Time Warner just recently, sources were quoted in the Financial Times on Thursday, revealing the tech company's possible interest in creating its own content.

The move would marry one of the world's most valued public companies with the owner of such desirable media brands as HBO, CNN, TNT and Warner Brothers.

"After introducing a streaming music service a year ago and revamping the Apple TV set-top box in October, speculation has been rife about the possibility of the Cupertino, California-based company starting a film and television streaming service to rival Amazon.com Inc.'s Prime and Netflix Inc.," said Bloomberg.

"Both have already thrown down a ton of money to procure exclusive content and are now spending heavily to create their own shows and movies." 

The Apple-Time Warner idea, though, never went beyond the preliminary stage after Apple executive Eddy Cue brought up the idea late last year to Time Warner's head of corporate strategy Olaf Olafsson, according to three sources who were briefed on the meeting, said the Financial Times.

Cue, in charge of Apple properties such as its iTunes store, Apple Music and iCloud, was meeting with Time Warner officials in New York City to talk about other commercial relationships between the two when the idea about the tech company making a bid for Time Warner came up, the sources told the Financial Times.

Reuters noted that 21st Century Fox attempted to purchase Time Warner for $80 billion in 2014, which at the time would have created the world largest media company. Time Warner, declined to work with Fox's bid and the company pulled it off the table, noted Reuters.

"Our proposal had significant strategic merit and compelling financial rationale and our approach had always been friendly," Fox's Rupert Murdoch said about the failed bid, per Reuters. "However, Time Warner management and its board refused to engage with us to explore an offer which was highly compelling."

The Financial Times said Apple could still be interested in a streaming company, such as Netflix. Netflix has been successful in creating popular shows like "House of Cards" and "Orange Is the New Black."

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An Apple official raised the idea of buying Time Warner just recently, revealing the tech company's possible interest in creating its own content.
apple, time warner, hookup
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2016-10-27
Friday, 27 May 2016 07:10 AM
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