(BTW, I totally made this up)

Apple will unveil an entirely new electronic book format next week and will provide the development tools free of charge to any publisher. Called iBooks, the software enables publishers to create interactive titles incorporating video, audio, color images and more. Books created in the format will be published exclusively via the iMedia Store which incorporates the application formerly known as iTunes. Viewable on iPhone, iPod Touch and iTab, the books will be stored in the cloud, meaning you can store an unlimited amount of reading and access it via any computer or device that is iMedia compatible including iPhone OS, OS X and Windows.

Existing book files can be converted by simply dragging and dropping content into frames in the software, then resizing and relocating the frames to fit the page style. Frames can be customized for various forms of content. Apple estimates that a book designer can port a typical illustrated book into the format in a few hours, hit Publish and have the book available on iMedia instantly. Details of pricing and revenue share were not available.

(You heard it here first folks…)