Alan Diaz / AP

Apple has its eyes set on television, luring two TV executives away from Sony Corp. in June with $1 billion to spend on original shows over the next year, per AP. The programming would be available with a subscription, likely combined with Apple Music.

Who: Newly hired executives Jamie Erlicht and Zack Van Amburg brought Breaking Bad creator Vince Gilligan to Sony and helped develop The Crown on Netflix.

What to look for: Breaking into television is something Steve Jobs hoped for, telling his biographer he wanted to make television sets "simple and elegant." Creating its own shows is hardly pioneering television sets, but if Apple succeeds it could branch out to other TV-related products.

Go deeper

Dan Primack, author of Pro Rata
8 mins ago - Economy & Business

Leon Black says he "made a terrible mistake" doing business with Jeffrey Epstein

Photo illustration: Sarah Grillo/Axios. Photo: Rick Friedman/Corbis/Getty Images

Apollo Global Management CEO Leon Black on Wednesday said during an earnings call that he made a "terrible mistake" by employing Jeffrey Epstein to work on personal financial and philanthropic services.

Why it matters: Apollo is one of the world's largest private equity firms, and already has lost at least one major client over Black's involvement with Epstein.

1 hour ago - World

Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

Photo: Christopher Furlong/Getty Images

The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.