Apple Readies 99-Cent TV Rentals

9:30 AM -- Apple Inc. (Nasdaq: AAPL) plans to unveil 99-cent TV show rentals at an event on Sept. 7, Bloomberg reports.

At the moment, Apple's iTunes allows users to rent movies, but TV shows can only be purchased. But this September, iTunes users will be able to rent shows within 24 hours of their air dates. The shows will be commercial-free, and the rental period will be 48 hours.

According to Bloomberg, Apple is in "advanced talks" with News Corp. (NYSE: NWS) to make its shows available for rent, but just in regular old "talks" with CBS Corp. (NYSE: CBS), NBC Universal , and Walt Disney Co. (NYSE: DIS).

The low price will give iTunes a new edge against streaming services like Netflix, Hulu, and Amazon.

“This is a smart move by everyone,” David Bank, an analyst at RBC Capital Markets, told Bloomberg. “Something like this a la carte rental service is an incremental opportunity.”

— Erin Barker, Digital Content Reporter, Light Reading Cable

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