Apple acquires 'Netflix for magazines' app Texture

Apple acquires 'Netflix for magazines' app Texture

Apple did not disclose the financial terms of the deal and declined to comment on details of the transaction. Next Issue Media is now owned by a group of publishers and other companies including Hearst Corp., Meredith Corp., News Corp. and Rogers Communications Inc.

Apple announced the impending acquisition in a news post this week.

According to TechCrunch, the company appears to have raised at least US$90 million, of which US$40 million came from the publishers and US$50 million from private equity giant KKR.

"We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users", said the Apple senior vice-president of internet software and services, Eddy Cue.

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John Loughlin, CEO of Next Issue Media and Texture, said: "I'm thrilled that Next Issue Media and its award-winning Texture app are being acquired by Apple". READ NEXT:Google publishes new research into how neural networks "think" Apple's thought to be purchasing the app in an attempt to appease publishers and news organisations.

That purchase prompted CNN's Dylan Byers to ask Cue, during his on-stage interview, if the acquisition of Texture meant that the company were willing to make an even bigger media deal - like buying Netflix or even Disney - to help build out its growing slate of original movie and TV content. In a statement, Apple said it is "excited" to be purchasing Texture.

"The opportunity here is about growth for us and growth for everyone", Cue said, adding that a huge gap exists between the number of people who can afford to pay for music services and those who do.

The Texture deal signals Apple's latest move to develop content-related services and platforms. Texture will continue to operate independently, offering apps for iOS, Android, Amazon Kindle Fire and Windows 8 and 10.

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