AP Source: Apple nears music deal with labels
LOS ANGELES (AP) — Apple is close to securing deals with all four major recording companies on a music service that will allow people to stream songs stored on distant servers, presumably to an array of portable Apple-made devices. That's according to a person familiar with the matter.
Such a service would give people a wider array of music on the go, without having to connect a music player to a computer to transfer songs.
Universal Music Group, a division of Vivendi SA, is about to sign a deal that will give Apple the right to stream songs to its customers. Universal is the largest and last recording company to sign such a deal after Apple reached agreements with Sony Corp.'s music arm, EMI Group Ltd. and Warner Music Group Corp.
The person was not authorized to speak publicly and spoke on condition of anonymity.
AP Business Writer Rachel Metz in San Francisco contributed to this report.