Apple and Steven Spielberg are reportedly rebooting 'Amazing Stories'

Apple and Steven Spielberg are reportedly rebooting 'Amazing Stories'

Apple and Steven Spielberg are reportedly rebooting 'Amazing Stories'

Not to be completely outpaced by the likes of Netflix, Amazon and Hulu, Apple has come to an agreement with Steven Spielberg's Amblin Television and NBCUniversal to revive the famed director's anthology series Amazing Stories.

The budget for the series will be more than $5 million an episode, the WSJ reported, citing an executive involved in the project.

Apple started quietly turning heads in original content circles this summer.

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The biggest twist about the upcoming reboot of Steven Spielberg's Amazing Stories might be where it landed. Still, the lingering questions have not stopped Hollywood talent and their reps from barraging the deep-pocketed company, which hired Van Amburg and Erlicht from Sony Television in June to spearhead Apple's content acquisitions and video strategy, which spec scripts. The 1985 original anthology series produced by Spielberg ran for two seasons, earned 12 Emmy nominations and received five awards. Though Apple's wallet is considerably thicker, the company is only looking to spend in the neighborhood of $1 billion in its first year. A new deal reported by The Wall Street Journal could be the potential kick in the trousers its needs, bringing content from Mr. Movie Magic, Steven Spielberg to the platform.

"It's wonderful to be reunited with our colleagues Zack and Jamie in their new capacity at Apple, " said Jennifer Salke, President, NBC Entertainment, who oversees Universal TV.

What is still unclear is how Apple will distribute the show to an audience. Apple Music has released unscripted series "Planet of the Apps" and "Carpool Karaoke", and is about to release a documentary about music industry legend Clive Davis.

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