Last week we reported on a rumor that had surfaced suggesting Apple was preparing to launch a new cloud movie service. iTunes Replay would allow users to stream videos from Apple’s servers and download them on multiple devices.

According to CNET, however, the gossip is “at best” premature. After speaking with multiple sources inside the film industry, the site can confirm that Apple is working on a video streaming service. But the project’s no where close to finished…

CNET’s tipsters say that Apple has yet to sign cloud agreements for feature films with at least 4 of the top six film studios. If that’s the case then it could be months before the company can acquire the cloud rights it needs to launch the service. Sound familiar?

In the months leading up to WWDC, the tech world followed Apple on its tour of record studios as they tried to finish their music streaming service before the Summer event. I guess now that iCloud has the record industry’s blessing, it’s time to head over to Hollywood.

But with all of the red tape in the film industry, signing all of the major film studios may prove extremely difficult — even for Apple. Just think about all of the limitations with other streaming services like Netflix or Hulu.

So it sounds like Apple is working on a new video replay service, but the licensing talks are just beginning. Don’t count on iTunes Replay anytime soon.