Apple was once keen about acquiring Time Warner -- reports

Speculations have it that Apple is looking forward to acquire a media company.According to a report, top executives at Apple had considered acquiring Time Warner in the previous year. However, the discussions did not go beyond preliminary stage.

According to the Financial Times, Eddy Cue, who pioneers Apple services like iTunes, Apple Music and iCloud, had met Olaf Olafsson, the head of corporate strategy, with Time Warner in 2015. During the meeting, they had reportedly discussed on starting a joint venture between the two firms. Speculations have it that Apple wanted to stream the cable channels of Time Warner on its video streaming service.

Apple CEO Tim Cook and Time Warner CEO Jeff Bewkes were not involved in the meeting. Even though the talks of an acquisition never got much beyond that, the Cupertino company is still pegged at taking over a media company. Apple’s consideration about bidding for the one of the most famous media companies of the world that holds a market capitalisation of $60 billion (AU$83 billion) indicates its interest in providing its own content to multiple devices such as iPhones, iPad, MacBooks and so on.

It is unclear whether the Cupertino company will approach Time Warner a second time to acquire it. Rumours indicate that the company has considered taking over other media companies such as Netflix. The company has reportedly started producing its firs original content to get more subscribers for Apple Music.

The sales of iPhones account for over 60 percent of the total revenue of Apple. Since iPhone sales are declining, the company is looking forward to find new ways to generate more revenue. Even though the firm is building new hardware, it is also looking forward to develop its services division. Recent reports have revealed that the sales of its services outperformed Mac sales in the first quarter of this year.