Apple Inc on Monday, announce that it has signed an agreement to acquire digital magazine subscription service texture, available on ipad, iphone and other devices.
According to Apple, the digital magazine service Texture, which will be integrated it into Apple news, lets users read titles for a monthly subscription fee.
Apple's services chief Eddy Cue, who revealed the news at the SXSW media festival in Austin, Texas Monday said: "We're excited Texture will join Apple, along with an impressive catalog of magazines from many of the world's leading publishers. We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users."
John Loughlin, CEO of Next Issue Media, a conglomerate of publishers and media companies which own Texture said: "I'm thrilled that Next Issue Media, and its award-winning Texture app, are being acquired by Apple. The Texture team and its current owners, Condé Nast, Hearst, Meredith, Rogers Media, and KKR, could not be more pleased or excited with this development. We could not imagine a better home or future for the service.
Texture, founded in 2010, provides unlimited access to over 200 digital magazines for $9.99 per month. Magazines can be read on up to five devices per subscription, with the ability to download issues for offline reading.
The service is owned by Next Issue Media, a joint-venture between Condé Nast, Hearst Magazines, Meredith Corp (MDP.N), News Corp (NWSA.O) and Rogers Media.
Apple did not disclose the financial terms of the deal as it is still pending.
