“Google, Facebook and even Yahoo have been hailed as visionary companies that aren’t just disrupting old media, they’re replacing it. That conjecture hasn’t applied as readily to Apple, which after all deals in high-end hardware, not eyeballs or advertising,” Edmund Lee reports for Bloomberg. “A closer look, however, reveals that Apple not only has a significant media business, it’s bigger than most major media companies — and possibly at their expense.”

“By itself, Apple’s iTunes (which was just updated) and App stores, which hawk everything from movies and music to books and newspaper subscriptions,” Lee reports, “make more money than The New York Times; Simon & Schuster, which publishes the best-selling ‘Steve Jobs’ biography; Warner Bros. film studios, which owns the popular Batman film franchise; and Time Inc., the largest magazine publisher in the U.S.”

Lee reports, “Combined.”

Read more in the full article here.

[Thanks to MacDailyNews Reader “Carl H.” for the heads up.]