Universal Music Group is reportedly “in the final stages of negotiations”

Apr 12, 2013 12:52 GMT  ·  By

Apple has finally convinced the record companies to sign content distribution deals for a new music streaming service dubbed “iRadio” by the media, according to a new report from the U.S.

Sources with knowledge of Apple’s negotiations with record labels are telling The Verge that Universal Music Group “has reached the final stages of negotiations” with Apple. Warner Music is “close behind,” the sources added.

Apple is expected to sign the Internet radio licensing agreement with Universal as soon as next week and, while the Cupertino giant had initially offered to pay 6 cents per 100 songs streamed, “Now, Apple will pay rates nearly ‘neck and neck’ with Pandora,” one of the quoted sources said.

Representatives from all music labels declined to confirm the deals, while Apple spokesman Tom Neumayr pulled out the no-comment-on-rumors card.