Apple is teaming up with Steven Spielberg's Amblin Television and Comcast's NBC Universal TV production unit to create new episodes of sci-fi series "Amazing Stories," reports The Wall Street Journal.

"Amazing Stories" is a science fiction and horror series created by Spielberg that originally ran on NBC from 1985 to 1987. During its two-year tenure, the show won five Emmy Awards. It focused on a new topic each episode, in the vein of "Tales From the Crypt," "Twilight Zone," and "Black Mirror."

Apple plans to create 10 new episodes of "Amazing Stories" alongside Amblin and NBC Universal, with plans to spend more than $5 million per episode. Spielberg is likely to be an executive producer for the new version of the show, according to The Wall Street Journal's sources.

"Amazing Stories" is the first series that Apple has taken on since the hiring of Zack Van Amburg and Jamie Erlicht back in June. Van Amburg and Erlicht, who helped produce shows like "Breaking Bad," "The Crown," and "Better Call Saul," are running Apple's video programming efforts on a worldwide scale under iTunes chief Eddy Cue.

The new show will join Apple's existing shows "Planet of the Apps" and "Carpool Karaoke: The Series." It marks the first show that is able to more directly compete with content from Netflix and Amazon.

Rumors suggest Apple is aiming to pursue high-profile deals with A-list talent to create shows on par with offerings like Netflix's "Stranger Things" or Hulu's "The Handmaid's Tale."