Apple Inc. has been exploring opportunities to strengthen its upstart TV service, including deals for James Bond franchise-owner MGM Holdings Inc. and college sports rights, according to people familiar with the matter.

Executives at Apple met with representatives of MGM and the Pac-12 Conference this year as the tech giant considers ways to broaden the appeal of its Apple TV app and TV+, a $4.99 monthly service that launched last month with nine original programs. The streaming service anchors an updated TV app that offers...