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Apple ready to spend $1BN on brand new Hollywood shows, report says

Apple ready to spend $1BN on brand new Hollywood shows, report says

Apple's first forays into original content came this year, with shows including "Carpool Karaoke" and "Planet of the Apps, ' which debuted on Apple Music".

Apple has been steadily ramping up its programming efforts over the past year and The Wall Street Journal today reported the company has a $1bn pot to acquire series and produce its own originals.

Jamie Erlicht and Zack Van Amburg joined Apple in June after being poached from Sony Pictures Television.

For Apple, spending $1 billion on original entertainment would barely make a dent in its balance sheet: The company had more than $261 billion in cash and equivalents at the end of its 2017 fiscal year.

TV Programming costs range between $2 million an episode to more than $10 million to produce.

BBCI: Third woman accuses Roman Polanski of sex attack
In 2010 British actress Charlotte Lewis accused Polanski of sexually assaulting her in Paris in 1983, when she was 16 years old. Attorney Gloria Allred is representing the woman, who is identified exclusively as " Robin ", Variety reports .

For its video service to gain relevance, Apple needs at least one hit, according to the people familiar with the plan.

Netflix has enlisted Shonda Rhimes, the creator of Grey's Anatomy and Scandal, to create new content, while Walking Dead creator Robert Kirkman signed a deal to develop a show for Amazon. Netflix will spend around $7 billion on content in 2018.

Apple shares were up 0.2% in premarket trading Wednesday, indicated to open at $161.92. Yesterday they hired former WGN America President Matt Cherniss, a former production exec at Warner Bros., to help with development.

He already has a good working relationship with Erlicht and Van Amberg that dates back to his tenure as an executive at FX when he worked on Sony's Rescue Me series.

Apple is hoping that original video bolsters the appeal of movie rentals and other iTunes offerings-a critical piece of its services business, which also includes App Store sales, Apple Pay and Apple Music.


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