We have some good news and some bad news to share with you today. Since it’s Friday and all, let’s start with the good news. New York Post reports that Steve Jobs is dealing with major music labels and that Apple will shortly begin selling ringtones via iTunes Music Store. This will probably be announced along with the new iPods and “other stuff” on Wednesday. Of course, Apple won’t comment on this.

Apple brings their innovating spirit along to the ringtone business as well. According to The Post, users will be able to actually choose which part of the song to use, instead of the usual boring approach. However, the tones will be exclusive to the iPhone. And Universal Music Group will not participate in the project; MacDailyNews says this is because “they’re royal a-holes.”

Moving on to the bad news, NBC will not renew their iTunes contract. This means we will not be able to see NBC TV shows in iTunes at the end of the year, and Apple won’t be offering their new episodes during the upcoming season. Apparently, NBC wanted to more than double the price of the episodes and that’s when Apple said no. Fortunately, ABC, CBS, FOX, The CW and a bunch of other networks did not abandon their common sense, and will still be offering shows on iTunes at the regular price.