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Hollywood Reporter reports that later today Apple will announce that it has struck a deal with major and mini studios to offer many new release movies for purchase via the iTunes Store.

The new arrangement with the studios is expected to involve Fox, Walt Disney, Warner Bros, Paramount, Universal, Sony Pictures, Lionsgate, New Line, Magnolia and Image Entertainment.

The move will deliver a broad slate of top-shelf films to be offered day-and-date with home video releases, which risks cannibalizing DVD sales.

Yesterday, Warner Bros said it would begin offering movie titles via download and VOD on the same day the DVD version is released.

Editor's note: The whole movie industry is getting out in front of downloads. With iTunes as the delivery mechanism, there's only one thing missing, at least from my perspective, and that's the ability to burn / archive...

What's your take?

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