Apple rumored to be planning 99-cent TV show rentals, iTV and new iPod Touch

According to Bloomberg, Apple is gearing up for a media event on Sept. 7 at which Apple is rumored to announce 99-cent TV show rentals from major networks, a price drop of $2 compared to the current cost of purchasing a TV episode. This is a departure from past attempts at offering a TV show subscription in iTunes.

If the rumor proves true, consumers can expect to rent TV Shows from Fox, ABC, NBC, CBS and Time Warner (though talks are still in the works for the latter three networks). Bloomberg reports that unlike shows watched on Hulu, these 99-cent rentals would be free of commercials. The rentals would appear a day after the show airs and be valid for a period of 24 hours after purchase. Rentals would be watchable on any device running iTunes or iOS such as your computer, iPad or iPhone.