The ad deals are said to "range from the high single-digit millions of dollars to tens of millions of dollars," involve 12-month campaigns, and include exclusivity for specific industries until year's end.
Video and audio ads are covered, as are display ads "that will take over whatever screen the consumer is using." Audio ads run every 15 minutes, and video ads every hour.
The reported ETA coincides with the expected launch dates for the iPhone 5S/5C and iOS 7.
In June, Apple announced iTunes Radio will include both a free, ad-supported service, and an ad-free service that's bundled with $25/year iTunes Match subscriptions.
Pandora (P +0.8%) is closing higher, with an assist from B. Riley. iTunes Radio's lack of Android support, and the time invested by Pandora's 71M active users in creating custom stations, could limit the damage done to the Internet radio leader.