Apple's long-rumored television will be called the iTV, according to a Bloomberg report that cites analysis by Jefferies and Co.

The report says that Apple will probably steer clear of creating original content due to "lower margins and higher risks."

Instead, Apple might allow access to video content by expanding its existing partnerships with AT&T and Verizon.

The television may leverage video shot on iPads and iPhones to power an Apple-centric YouTube of sorts.

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