By Alan Murray and Geoffrey Smith
February 1, 2017

Good morning.

Is Apple looking to make a big media acquisition?

Fortune’s Aaron Pressman says CEO Tim Cook dropped three hints during his earnings call yesterday that that may be the case.

First, Cook said Apple plans to double the $24 billion annual revenue in its services unit, which includes its media sales, within four years. Could be done organically, but not easily.

Second, Cook was asked what the company might do if the tax on repatriating the $232 billion it holds overseas is cut. Apple is constantly reviewing acquisitions, Cook said, and “there’s not a size that we would not do.”

Finally, Cook mentioned that Apple has only stuck its “toe in the water” of producing original content – raising the possibility he might be thinking about diving in. “We’re learning a lot about the original content business, and thinking about ways that we could play in that.”

Keep an eye on this space. More news below.

Alan Murray
@alansmurray
alan.murray@fortune.com

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