New York Post: Sony Music exec L.A. Reid is getting into the streaming business and secretly bidding to buy a large share of online music service Rhapsody. According to industry sources, the chairman and CEO of Epic Records has brought in Los Angeles-based private-equity investment firm Pegasus Capital Group to help fund the purchase. One source said Reid “received a waiver from Sony to personally buy into Rhapsody, but industry talk is that Sony is basically going to own a large piece of Rhapsody.”