Apple Inc. (AAPL) has decided to trust Hollywood bigwig Steven Spielberg with its first major original content project.

According to the Wall Street Journal, the iPhone maker struck a deal with the acclaimed director and producer’s Amblin Television and Universal Television, a unit of Comcast Corp.’s (CMCSA) NBCUniversal, to make 10 new episodes of the 1980s science fiction anthology series “Amazing Stories.” Spielberg is expected to executive produce the new version of the show, sources told the Journal, while Bryan Fuller, the creator of "Hannibal," will serve as showrunner.

A budget in excess of $5 million per episode has been earmarked for “Amazing Stories,” which ran from 1985 to 1987 and won five Emmys before being canceled by NBC after its second season. That outlay is reportedly on par with how much Netflix, HBO and other cable networks typically pay for high-end shows, according to the Journal.

“We love being at the forefront of Apple’s investment in scripted programming, and can’t think of a better property than Spielberg’s beloved ‘Amazing Stories’ franchise,” NBC Entertainment President Jennifer Salke said about the deal. Apple declined to comment.

“Amazing Stories” is the first show to get the go-ahead from Apple since it poached two of Sony Corporation's (SNE) key executives back in June. Jamie Erlicht and Zack Van Amburg, who helped produce hit shows such as "Breaking Bad" and "The Crown" while running U.S. programming and production at Sony, were hired by Apple to oversee its foray into original content programming. (See also: Apple Hires Sony Executives to Boost Original Content Efforts.)

The duo were reportedly given a budget of roughly $1 billion to develop new original content capable of competing with streaming rivals such as Netflix Inc. (NFLX), Inc. (AMZN) and Hulu. (See also: Apple to Spend $1 Billion to Buy, Produce Content.)

Apple’s decision to enter the crowded streaming sector was spurred by its belief that original video content can drive subscriptions across more than 1 billion devices. To achieve this ambitious goal, the company recognized that big star power, offered by the likes of Spielberg, is required.

The company is believed to have stepped up its efforts to get the “Amazing Stories” deal over the line after Harvey Weinstein was hit with numerous allegations of sexual misconduct. That development prompted Apple to pull the plug on an Elvis Presley biopic it had planned to develop with Weinstein’s company. The show was reportedly commissioned before Van Amburg and Erlicht joined from Sony.

Want to learn how to invest?

Get a free 10 week email series that will teach you how to start investing.

Delivered twice a week, straight to your inbox.