The planned subscription service by Apple may offer television shows from major networks for a monthly fee, which could significantly alter the television business, the paper said, citing people familiar with the matter.
Apple is aiming to complete licensing deals and expects to introduce the subscription service in 2010, the paper said.
The video strategy is part of Apple's plan to overhaul its iTunes store, which sells downloadable music, video and games, the paper said.
Apple, CBS Corp and Disney were not available for comment.
(Reporting by Sakthi Prasad in Bangalore; Editing by Dan Lalor)