Apple executive suggested buying Time Warner: iPhone maker 'discussed bid' with media giant that owns CNN and HBO

  • Time Warner, with its vast content, is seen as a takeover target
  • Apple is seeking to compete with Amazon and Netflix 
  • A new Apple TV box would be smaller and slimmer than current version
  • Apple is sitting on a cash pile of $216billion, burning a hole in its pocket
  • For more of the latest Apple news updates visit www.dailymail.co.uk/apple

By Chris Summers For Mailonline

Published: 04:26 EST, 27 May 2016 | Updated: 08:52 EST, 27 May 2016

A senior Apple executive reportedly floated the idea of buying Time Warner - which owns HBO, CNN and Warner Brothers - at a high-level meeting with the media giant.

The Financial Times reported that Eddy Cue, an executive in charge of the iTunes store, Apple Music and iCloud, suggested a bid at a meeting late last year with Time Warner’s head of corporate strategy, Olaf Olafsson.

The meeting at Time Warner's New York headquarters had reportedly been arranged to discuss including Time Warner’s cable channels in a future Apple video streaming service. 

Senior Apple executive Eddy Cue suggested a bid at a meeting late last year with Time Warner’s head of corporate strategy, Olaf Olafsson, it is reported

Senior Apple executive Eddy Cue suggested a bid at a meeting late last year with Time Warner’s head of corporate strategy, Olaf Olafsson, it is reported

The cable giant is believed to be a target of the Apple, AT&T and Fox

The cable giant is believed to be a target of the Apple, AT&T and Fox

The firms have already worked together to launch HBO Go, which appeared exclusively on Apple's TV box.

Apple has recently begun commissioning content - a video series about the app economy and a series starring Dr Dre for the Apple Music streaming service.

But it is way behind Amazon and Netflix which are spending billions of dollars on original content. 

WHAT IS IN TIME WARNER STABLE?

The Time Warner group controls a vast range of media brands, including CNN news, Turner Sports and HBO.

It is split into three divisions, HBO, Turner and Warner Bros. 

It would give Apple access to a huge range of TV channels and content, alongside hit HBO shows such as Game of Thrones and the Warner Brothers film business. 

Turner also has TV rights to NBA basketball.  

Apple is reportedly sitting on a cash pile of $216billion, which means that it could buy Time Warner - which has a market capitalization of $60bn - without great difficulty. 

A takeover would also give Apple access to Time Warner's subscribers, along with HBO and Showtime.

Time Warner also holds the lucrative rights to NBA basketball. 

But the FT says discussions about Apple buying Time Warner did not get far and did not include Apple's chief executive Tim Cook or his Time Warner counterpart Jeff Bewkes.

Earlier this month Apple invested $1bn in Uber’s main competitor in China, Didi Chuxing.   

Late last year it was claimed Apple has suspended its own plans to offer a live TV streaming service.

The firm is believed to have been negotiating to sell packages of channels to consumers for $30-$40 per month.

Apple is believed to have been negotiating to sell packages of channels to consumers for $30-$40 per month

Apple is believed to have been negotiating to sell packages of channels to consumers for $30-$40 per month

But CBS Corp. Chief Executive Officer Les Moonves said at the Business Insider Ignition conference that Apple had put its live TV plans 'on hold'.

'Apps are the future of TV,' Apple CEO Tim Cook said earlier this year when he introduced a new version of the Apple TV able to run them.

Over 2,000 apps are now available, Apple has said. 

Last year Apple media boss Eddy Cue said: 'The TV experience sucks.'

'All we have today is glorified VCRs. The experience has been stuck,' Cue said, saying the only big improvement is that now you don't have to reset the clock when the power goes out.   

HBO has one of the best looking apps on the service, taking advantage of the high definition graphics

HBO has one of the best looking apps on the service, taking advantage of the high definition graphics - but doesn't offer live streaming

­

Comments (4)

Share what you think

The comments below have not been moderated.

The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline.

Add your comment

By posting your comment you agree to our house rules.

Who is this week's top commenter? Find out now