Apple readies $1 billion war chest for Hollywood programming

Wall Street Journal: Apple Inc. (AAPL) has set a budget of roughly $1 billion to procure and produce original content over the next year, according to people familiar with the matter--a sign of how serious the iPhone maker is about making a splash in Hollywood. Combined with the company's marketing clout and global reach, that immediately makes Apple a considerable competitor in a crowded market where new media players and traditional media companies are vying to acquire original shows. The figu...