‘News Corp’ and Apple are working together to launch a new tablet-focused product, which, according to the rumors, is scheduled for launching at a media event on December 9th. John Gruber, in a recent article on his blog, noted that Apple’s key role in the development of this product is the creation of APIs to support recurring subscription billing through accounts at the iTunes Store. But to use this function, it seems that another iOS update is required.

According to ‘MacStories‘ Apple is planning to release iOS 4.3 on December 13th. However this is not according to the original release schedule in which an early November début had been planned as the iOS release date, but there were some bugs that Apple discovered immediately before its release.

Here is what we have heard from a reliable source: because Apple did not know about the Wi-Fi issues in the GM seed of iOS 4.2, the OS was scheduled for release in the weeks before November 22nd. However, Apple found out about the Wi-Fi issues, released a second GM build and iOS 4.2 came out – still within the month of November, but it should have been released in the first half of November. Anyway, before the discovery of the Wi-Fi issues, Apple was already planning to release a new build of iOS 4.x in mid-December, and, more specifically, they were planning for an iOS 4.3 release on Monday, December 13th.

Our source tells us that it is unclear whether the ‘extra time’ required to ship iOS 4.2 (actually, it is iOS 4.2.1) will result in a delay for the rumored release of iOS 4.3 on December 13th or not. Rumors indicate that iOS 4.3 will, however, include bug fixes and maintenance of the code, and it is also likely that 4.3 will also address the initial issues found in ‘AirPlay’, but this can not be confirmed at this stage.

The same source talks about iOS 4.3 supporting the new recurring subscription functionality, but, once again, there is as yet no confirmation.