Apple, Verizon Rumored to Plan iPhone Lite, iPad

Just one day after the news broke widely of the rumor that Apple Inc. and Verizon Wireless are in talks to bring the iPhone to Verizon next year, a secondary report on Tuesday says the two are actually working on two brand new Apple devices for the operator.

The first, according to the report in BusinessWeek, will be a stripped down and cheaper version of the iPhone, a so-called iPhone Lite. The other is a “media pad,” dubbed the “iPad” by industry wags.

What’s more, there are allegedly prototypes available. And the iPhone Lite will be smaller than today’s iPhone, which runs on the AT&T Inc., according to “a person who has seen it.”

The iPad is reportedly an overgrown iPod Touch, optimized for music, video, photos and apps, with built-in Wi-Fi calling. It’s not as fully functioned as a netbook would be, sources said.

One of the new devices could hit Verizon stores this summer, unnamed sources told BusinessWeek.

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