CNET is reporting that Apple is very close to signing deals with both Warner Music and Universal Music Group for its upcoming music streaming service. Apple still would have to sign a deal with Sony but snagging two major music labels makes Apple's streaming service that much more ready for launch. Supposedly, Apple wants to launch its "iRadio" service in summer of this year.
Apple's streaming music service is more like Pandora than Spotify. According to CNET:
The service, according to sources, most closely resembles Pandora because it doesn't offer on-demand listening. Apple is building some unique features, such as the ability to jump back to the beginning of a song, according to one person briefed on the company's plans.