Apple buys 'Texture' Magazine Subscription App

Eddy Cue Apple Launch 2017

Apple's senior vice president of Internet Software and Services Eddy CueApple

The iPhone maker did not disclose financial terms of the deal to buy Texture from its owners - publishers Conde Nast, Hearst, Meredith, Rogers Media and global investment firm KKR.

"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.

This is not the first time that Apple has made an acquisition in magazine publishing. In December it bought Shazam, the London-based app that allows smartphone users to identify music, for a reported $400m.

Impressive catalogue of magazines "We're excited Texture will join Apple, along with an impressive catalogue of magazines from numerous world's leading publishers", Apple senior vice president of internet software and service Eddy Cue said in a statement.

The Texture deal signals Apple's latest move to develop content-related services and platforms. The transaction included an upfront payment, as well as significant licensing fees to publishers, the person also said.

The interview, which was largely about media curation, took place shortly after the company announced its plans to acquire the digital magazine subscription service Texture. The company added that it is "committed to quality journalism", which suggests it will use Texture in an attempt to improve its standing with media organisations. It's possible Apple will end up incorporating elements of Texture into an expanded News service. Apple and representatives from Texture didn't respond to requests for comment. The service will continue to operate as an independent app for the foreseeable future.

The app Texture is often called 'the Netflix of magazine subscriptions, ' allowing users to read publications from all across the country for a low-priced monthly fee. Once the acquisition completes, Apple will purchase the service and its employees.

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