Apple Inc. (AAPL - Get Report) spending on content for its soon-to-launch streaming service has soared past $6 billion as the iPhone maker seeks to beat Disney (DIS - Get Report) to the punch in launching its video offerings, according to a published report.
In one case, Apple has spent hundreds of millions of dollars on "The Morning Show" featuring high priced stars Jennifer Aniston, Reese Witherspoon and Steve Carell, The Financial Times reported.
The company had originally budgeted $1 billion for programming on its service, the paper reported, citing people familiar with the matter. However, Apple has had to offer more generous terms and earlier payments to producers than Netflix (NFLX - Get Report) to gain deals in Hollywood, according to the report.
Disney is slated to launch its Disney+ streaming service Nov. 12. Apple is expected to launch sometime in the next two months.
Apple shares gained nearly 2% to close at $210.35 Monday.
Disney added 9 cents to end at $135.29.
Netflix gained 2.2% to end at $309.38.
Disney and Apple are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells DIS or AAPL? Save 57% With Our Labor Day Sale. Click here to sign up.