Apple to buy digital magazine service Texture

Apple to buy digital magazine service Texture

Apple Inc will buy the digital service Texture, which gives users access to articles from magazines published by various companies for a monthly subscription fee, the iPhone maker said on Monday.

Texture is owned by Next Issue Media, a joint venture formed by Condé Nast, Hearst Magazines, Meredith Corp, News Corp and Rogers Media.

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

But a source familiar with the matter said that private equity firm KKR & Co LP, which invested $50 million in 2014, generated a “significant return” on the transaction.

Another source familiar with the matter said Apple had to renegotiate Texture’s content deals because those deals were both with the magazine publishers that owned the startup as well as some publishers with no ownership stake. There was more than one technology suitor for Texture, this person said.

Tags:

Condé Nast apple News Corp Hearst Magazines Meredith Corp Rogers Media. Texture

Want to send us a story? Submit on Wananchi Reporting on the Citizen Digital App or Send an email to wananchi@royalmedia.co.ke or Send an SMS to 25170 or WhatsApp on 0743570000

Leave a Comment

Comments

No comments yet.

latest stories