Tech giant Apple Inc (NASDAQ:AAPL) has hired independent Oscar-winning studio A24 to produce movies, which would ratchet up its ability to create its own content, a report by entertainment publication Variety said.
The report said the partnership comes after Apple has signed deals with the likes of Steven Spielberg, Reese Witherspoon and Oprah Winfrey.
Variety said Apple did not provide many specifics about the deal with A24 beyond saying it was a “multiyear agreement” and involved multiple films. Financial terms were also not disclosed.
The deal allows Apple to partner with one of the hottest brands in the arthouse space, the report added.
FAANG Report: Captain America to star in Apple crime drama
A24 is notable for what Variety calls edgy, auteur-driven projects.
It won the best picture Oscar for “Moonlight,” and also scored with movies such as “Room,” “The Witch,” and “Ex Machina.”
The Apple and A24 deal is not exclusive so the studio will continue to produce and release other movies independently.
The deal is one of Apple’s first big film pacts. Apple has been more active in television and has budgeted around $1 billion for their series development slate.
Apple had announced it will make a morning show drama with Witherspoon and Jennifer Aniston an adaptation of the book “Defending Jacob” starring and executive produced by Chris Evans, and a revival of the Spielberg-produced “Amazing Stories” anthology franchise.
Apple has tapped former Sony Pictures Television presidents Zack Van Amburg and Jamie Erlicht to lead the originals division.
Contact Rene Pastor by rene.pastor@proactiveinvestors.com