TOKYO, JAPAN Friday Oct.13.2006 / -- Sony is jumping on the portable media bandwagon by developing a new video Walkman, intended to act as a rival to the iPod.

The company is keeping quiet about the new gadget. Sony's VP said at a news conference, "We are developing a product that handles images, but I cannot make any comment on specific plans,"

Sony did say, however, that they will be launching 5 flash memory-based Walkmans closer to the end of the year.

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