Apple Bankrolls Latest Martin Scorsese Film

Apple Inc. (AAPL) has snagged Martin Scorsese’s next movie “Killers of the Flower Moon” from rival Netflix Inc. (NFLX), cementing its foray into movies.

What Happened

The Scorsese movie, starring Leonardo DiCaprio and Robert De Niro, will be branded as an Apple Original Film, according to the Wall Street Journal.

The movie is based on a nonfiction bestseller by David Grann dealing with events in the 20th century Oklahoma, when members of the oil-rich Osage Nation Native Americans were serially murdered.

“Killers of the Flower Moon” suffered from budgetary overruns with costs in excess of $200 million. ViacomCBS Inc. (VIAC) owned Paramount Studios also faced creative challenges as multiple script rewrites were required to cut costs but failed to do so.

Apple will act as the creative studio and will finance the movie, while Paramount Pictures will handle its theatrical distribution.

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Why It Matters

The latest from Scorsese will be the second high profile movie Apple has bagged. Earlier in May, it scored “Greyhound,” a World War II film.

In April, Scorsese’s team had reached out to Apple, Netflix and MGM Holdings Inc. as Paramount balked at the big-budget production.

Scorsese’s last directorial effort, “The Irishman,” starring Robert De Niro, also faced budgetary overruns and had to be rescued by Netflix. The movie received several Academy Award nominations last year, reported the WSJ.

Price Action

On Thursday, Apple shares closed 0.44% higher at $318.11.

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Read more from Shivdeep Dhaliwal at Benzinga.com

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