Published on October 22nd, 2016 | by Brad Gibson0
Apple raised interest of a bid for Time Warner, report says
Apple expressed interest in buying Time Warner, the multinational media and entertainment conglomerate and owner of New Line Cinema, Home Box Office, CNN and Warner Brothers, in a meeting held late last year, according to a report in the Financial Times Thursday.
The paper claims Eddy Cue who oversees Apple’s iTunes store, Apple Music and iCloud, raised the subject of a potential bid in a meeting with Olaf Olafsson, Time Warner’s head of corporate strategy, in New York. The Financial Times cited three people who were briefed on the discussion.
The discussion about a purchase did not progress any further, and never included Apple’s chief executive Tim Cook nor Time Warner boss Jeff Bewkes. Apple and Time Warner declined to comment.
The revelations come as various news organizations report AT&T is close to purchasing Time Warner for a reported $85 billion.
Cue’s meeting had been set up to explore various commercial relationships between the companies, such as the potential inclusion of Time Warner’s cable channels in a future Apple video-streaming service.
The options of creating a closer bond between Apple and Time Warner came about last year when the companies worked closely on launching the HBO Now broadband service, the unlimited access subscription service from HBO that requires no TV package and has been available on Apple TV since April 2015. The service was originally an exclusive for Apple for the first three months.
Various news organizations have reported there have been no formal negotiations or bids for Apple to buy the company. While Apple has said it is interested in creating its own traditional content like Netflix, Hulu, and Amazon, it has yet to form any partnerships or acquisitions in that area.