Apple has a new weapon in the war against Netflix and Hulu - and his name is Steven Spielberg

Apple is teaming up with legendary director Steven Spielberg for its first major push into TV programming. The iPhone maker is bringing back Spielberg's 30-year-old anthology series Amazing Stories in its attempt to build an online video subscription service to challenge digital networks operated by Netflix, Amazon, Hulu and HBO.

"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 in a statement Tuesday (10 October).

NBC Entertainment will work with Spielberg's Amblin Television on the series. Apple declined to comment on the deal. The Wall Street Journal first reported Apple had secured the Amazing Stories rights.

The series aired on NBC from 1985 to 1987 and won five Emmy awards for its mixture of science fiction and horror episodes, although the series was never a big hit in the ratings.

It marked a return to TV for Spielberg, who first made a name for himself directing the ABC TV film Duel in 1971 before moving on to the movie theatres.

His films include box-office blockbusters such as Jaws, ET, Jurassic Park, the Indiana Jones franchise and critically acclaimed pictures such as Saving Private Ryan, Lincoln and Schindler's List, for which he won an Academy Award for best director.

Apple is planning to spend about $1bn (£750m) on original programming during the next year in an effort to bring in more revenue to its rapidly growing services division.

The Cupertino, California, company already offers two video series through its Apple Music streaming service, Planet of the Apps and Carpool Karaoke, but neither has created much buzz.

Even though it appears to be more serious about TV programming, Apple still isn't spending anywhere near Netflix, which is pouring $6bn into its line-up this year as it tries to expand its current worldwide audience of more than 100m subscribers.

And Netflix is increasing the prices for its two most popular plans by a $1 to $2 per month in an effort to raise more money to spend on future programming.

Apple is expected to spend more than $50m on 10 episodes of Amazing Stories. The budget for Amazing Stories will be more than $5m per episode, according to The Wall Street Journal.

While the future plans for the series revival haven't been revealed, the original Amazing Stories run attracted guest appearances from a list of stars that included Kevin Costner, Harvey Keitel, Charlie Sheen, Mark Hamill and John Lithgow, while its list of episode directors and writers included Spielberg, Martin Scorsese, Clint Eastwood, Robert Zemeckis and Brad Bird.