Report: Yahoo Targeting iTunes

CNET's is reporting that Yahoo is in preparation to launch a web music store and music player to compete against Apple's immensely successful ITunes service. The new service will reportedly be run out of its Santa Monica entertainment group, and leverage assets that the search engine giant gained in its purchase of San Diego-based MusicMatch. Yahoo recently renamed its Los Angeles-based Launch unit to Yahoo Music. cites sources saying that the new service will be launched by the end of the month.