Looks Like Apple Isn't Kidding Around With Its Media Ambitions

Looks Like Apple Isn't Kidding Around With Its Media Ambitions

This summer, I wrote old media companies were, "going to need a bigger boat," due to all the FANG stocks getting serious about their media ambitions. Well, it turns out Apple (NASDAQ: AAPL) just inked a deal with Steven Spielberg's Amblin Entertainment and NBC Universal to remake 10 episodes of Spielberg's 1980s cult sci-fi series Amazing Stories. Here's what it means to investors.

Apple has authorized $1 billion to spend on dramatic content as part of its new media ambitions, which it hopes will one-day rival streaming giants Netflix (NASDAQ: NFLX) and Amazon (NASDAQ: AMZN). The company has hired Sony executives Zack Van Amburg and Jamie Erlicht to head the unit, which will be part of Apple's growing services business. 

Image source: Getty Images.

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Source: Fool.com