IS APPLE SHOPPING FOR A MAJOR MEDIA ACQUISITION?

Tim Cook fielded questions from the media Tuesday during Apple’s earnings call, and analysts reflexively read between the lines of his responses in search of clues as to what the notoriously tight-lipped company has in the works.

Fortune picked up hints of a big media acquisition but noted that Apple had only spent megabucks on an acquisition once in its history—when it bought Beats for $3 billion+ in 2014.

Cook was asked what Apple might do if the tax rate is slashed on repatriating profits that U.S. corporations hold overseas. Apple has $232b, or 94% of its total cash, outside the country.

While Cook initially said only that he would "wait and see" what happens with tax reform, he then said, more revealingly, "There's not a size that we would not do, based on just the size of it. It's more of the strategic value of it."

Cook later mentioned that Apple has only stuck its "toe in the water" of producing original content. Would that be where Apple intends to spends its money?