Apple Launching Online Radio

According to Bloomberg News, Apple is in advanced communication with major music labels to launch an online radio service to rival Pandora. Apple is also seeking licensing agreements with labels that would forgo requirements about how often users can skip tracks or listen to a particular artist in an hour. Apple is also working on deals that would allow it to access new releases sooner. All this to rival Pandora? Apparently its working, Pandora stock took a slide Thursday after the report was published.