Apple acquires magazine subscription app Texture
US tech giant Apple is buying magazine aggregating service Texture from a consortium of publishers including Rogers, for an undisclosed sum. The acquisition of the service Texture, owned by Next Issue Media, comes at a time when news publishing as an industry is being shaken up by fake news accusations and Facebook's changing algorithms in ways that prioritize friend activity over brands. His talk came the same morning that Apple announced that it was buying a digital magazine distributor. Apple already delivers curated news from third-party publishers through its Apple News platform.
It's unclear how Apple will integrate the service or what it means for Apple News.
Financial details for Apple's purchase of the entire company were not disclosed, but investment firm KKR spent $50 million for its stake in the company in late 2014, just before it was rebranded as Texture. Texture, which gives you unlimited access to different magazines for a single fee, has been billed as something like a Netflix for magazines.
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Apple's Eddy Cue confirms the buy in a statement (via TechCrunch): "We're excited Texture will join Apple, along with an impressive catalog of magazines from numerous world's leading publishers". The app is now run by Next Issue Media LLC, owned by a group of publishers and other companies including Hearst Corp.
Texture, offered via the app stores of Apple, Google and Amazon.com Inc., bolsters Apple's efforts in online services and media.
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