Apple has been pushing deeper into news over the last year, increasing its focus on Apple News and publishing its own exclusive pieces. Now, a rumor is circulating that Apple might be interested in purchasing Condé Nast…

Buried in a broader report from The Guardian this weekend, the publication suggested that Apple is “looking to buy” Condé Nast, the publisher behind outlets including The New Yorker, Vanity Fair, Are Technica, and several others. The report didn’t cite any specific sources and was vague on details:

Rumors have even circulated that Apple is looking to buy parts or all of the troubled magazine publisher Condé Nast, a move that would further its push, initiated with the Apple Watch, to become a luxury fashion accessory, lifestyle and content brand.

Today, The New York Post followed that report with a statement from Condé Nast CEO Bob Sauerberg. The CEO blatantly said, “We are not for sale.” Still, it is a rumor that has been hard to shake.

The report, quoting industry consultant Steve Blacker, speculates that Condé Nast would fetch anywhere from $1 billion to $2 billion if it were to sell. Furthermore, the report cites “insiders” and says that Condé Nast is cutting costs as it looks to turn a profit. The media company lost $100 million in 2017, despite revenues of nearly $1 billion.

“With budgets reduced, especially for print, Condé Nast is in a very vulnerable position,” said industry consultant Steve Blacker, noting that rivals Meredith and Hearst are now both bigger. A sale price could be anywhere from $1 billion to $2 billion if a bidding war erupts, according to Blacker.

Earlier this month, Bloomberg reported that Apple is looking to launch a premium magazine and news subscription service within a year. The company recently announced its acquisition of digital magazine service Texture, as well, further suggesting that is has broader intentions in the news industry.

Whether or not there is any truth to the rumors of Apple acquiring Condé Nast remains to be seen, but it’s a move that doesn’t seem incredibly outlandish on the surface.

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