Indeed, Steve may have sent him to deliver the message that it needed to "look" like 50%. However, If you read Panic's experience with Steve, you'll see he was

Indeed, Steve may have sent him to deliver the message that it needed to "look" like 50%. However, If you read Panic's experience with Steve, you'll see he was generally an asshole when it came to negotiation. Problem is, that's exactly what Apple needed to deal with the music industry and exactly what it needed to deal with the wireless industry and exactly what it needs now to deal with the cable industry. Except... he's not here to fight the good fight against the cable industry, and based on the rumors I've heard Apple is having troubles nailing down good terms with the content providers.