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"And I can't think of a better property than Spielberg's beloved Amazing Stories franchise". In fact, they're so common that even a reboot of an oddball cult-classic barely turns heads (Twin Peaks shows that formula can succeed, right?). The original series only ran for two seasons in the mid-80s, but racked up a fair amount of critical acclaim and fond memories, including a dozen Emmy nominations.

After putting a toe in the water of the internet television business with a couple of reality TV shows, Apple ( AAPL ) is set to dive into the market with an original content deal with iconic director and producer Steven Spielberg, according to a news report.

Apple, Amblin and Comcast did not immediately respond to requests for comments.

"It's wonderful to be reunited with our colleagues Zack [Van Amburg] and Jamie [Erlicht] in their new capacity at Apple", Jennifer Salke, President, NBC Entertainment, told THR.

The budget for the series will be more than $5 million an episode, the WSJ reported, citing an executive involved in the project. With fellow tech companies like Facebook entering this space, the original content landscape looks primed for change in the near future. Apple Music has released unscripted series "Planet of the Apps" and "Carpool Karaoke", and is about to release a documentary about music industry legend Clive Davis. It comes from Spielberg's Amblin TV and Universal TV, with Amblin TV's Darryl Frank and Justin Falvey executive producing the reboot alongside Fuller. Maybe Amazing Stories will be next year's Stranger Things; maybe it'll crash and burn.