Apple belatedly jumps into the streaming TV business

Jumping belatedly into a business dominated by Netflix and Amazon, Apple has announced its own TV and movie streaming service enlisting such superstars as Oprah Winfrey, Jennifer Aniston and Steven Spielberg to try to overcome its rivals' head start.

Apple didn't disclose the price or the launch date except to say that Apple TV Plus will be available this fall. It will feature Apple's original shows and movies.

The company also unveiled a news subscription service that will give customers access to roughly 300 magazines and a few major newspapers for $10 a month. And it announced a new branded credit card.

The video-streaming venture is fraught with risk for a company scrambling to diversify beyond its star product, the iPhone, whose sales have started to decline. Netflix, which started its streaming service in 2007, has 139 million subscribers worldwide.

But Apple has lots of money, more than 900 million active iPhones, and a track record for innovation that has enabled it to overtake its rivals, even when it enters a business late, as it did with smartphones, tablets and smartwatches.