Apple to buy digital magazine service Texture

Apple buys Texture, the 'Netflix of magazines'

Apple did not disclose the financial terms of the deal and declined to comment on details of the transaction.

The interview, which was largely about media curation, took place shortly after the company announced its plans to acquire the digital magazine subscription service Texture. Texture now offers access to over 200 magazine titles for a flat monthly subscription price of $9.99. Next Issue Media was created as a joint venture between publishers including Condé Nast, Hearst, Meredith, News Corp., Rogers Communications and Time Inc.

John Loughlin, CEO of Next Issue Media / Texture said, "I'm thrilled that Next Issue Media, and its award-winning Texture app, are being acquired by Apple".

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According to TechCrunch, the company appears to have raised at least US$90 million, of which US$40 million came from the publishers and US$50 million from private equity giant KKR.

Eddy Cue, senior vice president of internet software and services at Apple, said: "We're excited Texture will join Apple, along with an impressive catalogue of magazines from numerous world's leading publishers".

Apple Music has reached 38 million subscribers, a gain of 2 million in just over a month, the company's SVP Eddy Cue said during a chat with CNN's Dylan Byers at the South by Southwest Conference on Monday, according to 9to5Mac. Texture brings over 200 of the world's best magazines to life, providing an easy way for users to read high-quality stories and entire issues of their favorite titles. The service will continue to operate as an independent app for the foreseeable future. The company's push into aggregated content with its Apple News service has unsettled publishers which prefer to connect with consumers through first-part channels. The Texture app is available for iPad, and iPhone, Android devices, and Amazon Fire tablets.


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