Apple Has Signed Deal With Warner Music: Report

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Apple is close to launching its music-streaming service for iTunes and could announce the new service as soon as next week, CNBC has confirmed.

The tech giant has signed a deal with Warner Music Group giving Apple the rights to the record label's recorded music and music publishing. As part of the agreement, Apple will give Warner 10 percent of ad revenue, according to The Wall Street Journal report.

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Apple could make the announcement at its annual developers conference, which begins next Monday in San Francisco.

Though still a top provider of music downloads, Apple is late to the music-streaming game.

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The company will be going head to head in the space with companies such as Spotify, Pandora and Google, which launched a subscription music-streaming service at its developers' conference in May.

By CNBC's Cadie Thompson. Follow her on Twitter @CadieThompson