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Apple acquires digital magazine service Texture
Apple Inc. today announced it has acquired Texture, a digital newsstand service that will expand Apple’s media library and boost the company’s role in news publishing.
The terms of the deal weren’t disclosed. Often referred to as the “Netflix of magazine publishing,” Texture operates a monthly subscription service that provides users with unlimited access to more than 200 publications.
Apple did not reveal what changes, if any, it might make to Texture after the acquisition goes through, but the company did say that Texture will continue to be available on both iOS and Android. An Apple spokesperson also mentioned that the company has no immediate plans to integrate Texture into Apple News.
“We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users,” Eddy Cue, Apple’s senior vice president of Internet Software and Services, said in a statement.
Next Issue Media LLC, the company behind Texture, had previously been owned by the investment firm KKR & Co. L.P. and coalition of major publishers, which included Condé Nast Inc., Hearst Communications Inc., Meredith Corp. and Rogers Media Inc. Apple didn’t disclose the cost of its acquisition, but Next Issue Chief Executive John Loughlin said that Texture’s current owners “could not be more pleased or excited with this development.” Loughlin and the rest of Next Issue’s staff will remain with the company.
Apple is not new to the world of digital media, but the acquisition of Texture is an interesting for development for the company. Cue’s comments suggest that Apple may be looking to distance itself from the “fake news” stigma that has plagued other tech giants like Google LLC and Facebook Inc. over the last year.
Both companies have also been working on initiatives that promote trusted news sources, such the recently launched “trust indicators,” which are based on data from The Trust Project. Facebook has also been working directly with publishers to promote local news outlets on the social network, and last month it launched a $3 million accelerator aimed at helping metro news organizations boost their digital subscriptions.
Photo: Texture
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