Will others follow NBC Universal's exit from Apple's (AAPL) iTunes?

Just as Apple (NASDAQ: AAPL) is launching new models of its iPod, its relationship with major movie and television studios may be changing significantly. The decision of General Electric's (NYSE: GE) NBC Universal to pull its music and video downloads from the iTunes store due to a dispute over pricing is making other companies take a hard look at their future with Apple.

According to Reuters, "two media executives involved in discussions with Apple say they see an opportunity to seize control over their digital destinies, emboldened by NBC Universal's actions." News Corp (NYSE: NWS), Viacom (NYSE: VIA), and Time Warner (NYSE: TWX) all have video distribution deals with Apple and at least two of these expire in the next year.

Apple's decision to price all TV shows at the same level regardless of their age or popularity has angered many media companies.

Reuters says that there is a second issues which is just as troubling for Apple's video partners: Owners of Hollywood and TV studios, fearful of the fate that befell the music industry, want a firm commitment from Apple to prevent the downloading of pirated shows and movies on the iPod.

The video content companies may not get what they want. And, they may quit the iTunes platform. Jobs & Co. may end up with advanced iPods with better screens for video but less of a library to offer.

But, if the iPod keeps selling 10 million units a quarter, Hollywood will be back.

Douglas A. McIntyre is a partner at 24/7 Wall St.