According to Bloomberg "Apple appears to be in the process of creating a process where iTunes customers may rent TV shows for 99 cents. In this regard, the company is talking with News Corp, CBS Corp. and Walt Disney Co. about allowing rentals of shows from their Fox channel. These rentals would be good for 48 hours and would be available within 24 hours of the air date. Steve Jobs, is a major Disney board member and since Disney purchased Pixar Animation Studios, that also made Jobs the largest shareholder.
This plan is thought to work very similar to how the movie rentals on iTunes work, where you rent for a low fee and then have a time-frame in which you are allowed to watch the movie. The television show rentals will also be commercial-free, so it'll work just like any other downloadable video in iTunes store."
Apple is holding an event in San Francisco on Sep 1st to reveal the service, and other new products.