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Apple is understood to have considered a takeover bid for Time Warner, according to a report by the Financial Times.

Towards the end of the year, Eddy Cue, who runs Apple's iTunes, Apple Music and iCloud services, met with Olaf Olafsson, Time Warner’s head of corporate strategy.

It is thought that Apple was considering a move to boost its ability to offer its own media content. FT reported that Apple wants to increase its spending on its own content to “several hundred million dollars a year”.

Earlier this year, Apple reported its first ever drop in iPhone sales. Analysts suggested that it was the start of a trend and Apple would need to find a new angle to continue its huge growth.

It is understood that the talks between Apple and Time Warner never made it past the preliminary stage, with neither Tim Cook or Time Warner boss Jeff Bewkes present or involved in any discussions.

According to Bloomberg, Apple is considering a range of media and content producing companies, one of which is believed to be Netflix.