In an effort to combat the likes of Netflix and Hulu, word on the street has Apple working with News Corp. (owner of Fox), CBS Corp., NBC Universal, and Walt Disney to create content for iTunes users interested in renting some of their favorite TV shows on their iPad, iPhone or iPod touch.  The shows are expected to cost 99 cents to rent, and will be available for 48 hours after the purchase is made.  The sources, who (as usual) chose to remain unnamed, said that the TV episodes will be available 24 hours after being shown on TV and are expected to be commercial free.

Interestingly, Steve Jobs happens to be a board member and shareholder of some of the aforementioned networks, and is expected to make an announcement about the new service in the coming weeks.  According to Bloomberg, Apple will be holding an event in San Francisco on September 7th, which just so happens to be two weeks before the fall TV season starts up again.  Coincidence?  I think not!

Via Bloomberg