Science

Apple is buying the 'Netflix for magazines' company

Apple is buying the 'Netflix for magazines' company

"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 and Services, in a press release. Apple's long term plans for the service are not yet known.

It might also be an effort on Apple's part to match competitors like Google, which offers news through its Play Store, and Amazon, which has its own subscription reading services. Magazines carried on Texture include GQ, National Geographic, Vanity Fair, Wired and The Atlantic.

In 2010, Next Issue Media launched Texture with a consortium of publishers including Condé Nast, Hearst and Meredith to replicate the success of the unlimited model that's successful in other forms of media, like TV and movies. In 2014, private-equity firm KKR invested $50 million in the company.

On the video service, Cue noted that Apple - despite analyst conjecture - isn't interested in buying great partners such as Netflix or Disney, since Apple prefers to buy small companies with ideas that will become the next big thing.




Apple typically doesn't formally announce acquisitions of smaller companies, but its services executive Eddy Cue, who oversees its media efforts, is speaking at the South by Southwest conference this week in Austin, Texas.

The company didn't say how much it paid for Texture.

"We're excited Texture will join Apple, along with an impressive catalog of magazines from numerous world's leading publishers", Cue said in a statement.

The move marks Apple's second reported acquisition of the calendar year.