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Bloomberg News, Published June 07 2013

Apple said to sign sony music, clearing way for Iradio Service

LOS ANGELES — Apple has signed an agreement with Sony Music Entertainment, the final record-company holdout needed for the iPhone maker's planned online radio service, said people with knowledge of the situation.

Sony signed its agreement late Thursday, and Apple plans to announce the service, unofficially dubbed iRadio, at a conference on June 10, said the people, who requested anonymity because the talks are private. Vivendi's Universal Music and Len Blavatnik's Warner Music Group have already signed agreements with Apple, people with knowledge of the situation said this month.

With the record companies on board, Apple plans to announce an advertising-supported service that will compete with Pandora Media for listeners. IRadio will allow users to build custom stations based on an artist or genre that draws on music from the company's iTunes library.

Apple's agreement with Sony Music was first reported Friday by AllThingsD. Sony/ATV Music Publishing, a joint venture of Sony and the estate of Michael Jackson, hadn't reached an agreement with Apple as of earlier this week, the website said.