Apple to Acquire Netflix of Magazines for an Undisclosed Sum
This is the first acquisition by Apple in 2018. Last year, it had acquired 7 companies including Shazam, BuddyBuild, PowerbyProxi, Pop Up Archive, Vrvana, Invisage Technologies, and Regained.
Apple has signed an agreement to acquire digital magazine service Texture, which brings over 200 of the world’s best magazines to life on iOS, Windows, Amazon, and Android devices for a monthly subscription fee.
Apple has acquired the entire company, including staff and has confirmed that the Android users of the app will be supported in future as well. The amount of acquisition are still undisclosed by both the companies.
Owned by Next Issue Media, Texture is providing an easy way for users to read high-quality stories and entire issues of their favourite titles. Founded in 2010, the company has raised a total amount of $50 million so far from private equity firm KKR & Co LP and others.
“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. “The Texture team and its current owners, Condé Nast, Hearst, Meredith, Rogers Media and KKR, could not be more pleased or excited with this development. We could not imagine a better home or future for the service.”
Eddy Cue, Apple’s senior vice president of Internet Software and Services added, “We’re excited Texture will join Apple, along with an impressive catalog of magazines from many of the world’s leading publishers. We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users.”
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