Bloomberg News has uncovered new details of Microsoft’s forthcoming iPod rival and iTunes Music Store clone. The Microsoft-branded portable music and video player will reportedly be out by Christmas, featuring a wireless Internet connection to download music without a computer. Bloomberg says the device is being developed under the supervision of Xbox executives Robbie Bach and J. Allard. In addition, Microsoft is said to have hired music industry executive Chris Stephenson to meet with music and Hollywood companies about licensing content for the Microsoft digital media store. Bloomberg says Microsoft has already met with EMI Group, Universal Music Group, NBC, Fox, and CBS.