Saturday, 22 September, 2018

Apple is buying the 'Netflix of magazines' for an undisclosed amount

Apple didn't say how much it would pay for Texture which includes gives users access to 200 magazines for one monthly Apple didn't say how much it would pay for Texture which includes gives users access to 200 magazines for one monthly
Emmett Howard | 12 March, 2018, 19:43

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. Nonetheless, we will keep you guys updated on the scenario.

"We're excited Texture will join Apple, along with an impressive catalog of magazines from numerous world's leading publishers", said Eddy Cue, Apple's senior vice president of Internet Software & Services, in a statement.

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.

Eddy Cue, Apple's senior vice president of Internet Software and Services, sat down with CNN's Senior Media Reporter Dylan Byers today at SXSW to discuss Apple's TV and News strategy. The subscription fee is $6.99 per month, which is offered on an on-going sale.

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The company was later rebranded as Texture and it now boasts of more than 200 titles from publishers Condé Nast, Hearst, Meredith and Rogers Media, who are all among the owners.

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

Texture's magazine catalog includes Entertainment Weekly, Billboard, Vanity Fair, Vogue, and Bloomberg Businessweek. We will update you guys on the acquisition as soon as we hear it. It's likely that the app will operate as is at least for the time being, but Apple could eventually integrate magazine subscriptions directly into Apple News.

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