from CMU Daily:

APPLE FOUNDER PLANNING MP3 SITE Apple founder Steve Jobs is reported to have been in talks with all five major labels to secure licenses to current and catalogue records for a new online music service he is launching. Word is heads of agreement have been signed with each record company for the new service, which is likely be geared toward users of Apple's popular iPod MP3 player and iTunes software. The service might just work given that Apple won't be looking to make millions out of the website itself ? their interest is in using it to sell their MP3 playing hardware. Although no label has commented on the new service the LA Times reckon it might just launch next month.

This is good news for Ipod users sick of looking at the variety of rubbish MP3 sites around. My only worry is that Jobs' taste in music is a bit well...crap. I do hope he allows someone with broad taste select the stuff on the site. Me maybe? If its even half the success of the Ipod, its still going to be huge!