Texture, known as the "Netflix of Magazines" has reportedly been bought by Apple. Like Apple, Texture is owned by many big publishers such as Nast and Hearst.
Apple's Senior Vice President of Internet Software and Service, Eddy Cue said, "The team excited to join Texture along with an impressive catalog of magazines from numerous world's leading publishers".
Texture's magazine catalog includes Entertainment Weekly, Billboard, Vanity Fair, Vogue, as well as Bloomberg Businessweek. Apple wasn't specific about its intentions for the Texture team, but the deal reflects its commitment to "quality journalism from trusted sources". It was originally called Next Issue Media when it launched in 2012, and had raised $130 million in venture funding before the acquisition. So, rather than throwing enormous resources into snapping up an established player, Cue is hinting that Apple would rather buy something small and build the rest in-house.
Chief executive of Texture, John Loughlin, said his team was delighted with the news.
Next Issue Media LLC, owner of Texture, hired investment bank Moelis & Co.in the past year to advise on a sale process, said the person, who asked not to be identified because the matter is private. Since 2010, Texture has been a force to reckon with and in 2016 was chosen by the App Store for the Best of Selections. It is not known how many subscribers the platform has. However, the acquisition is a means for Apple to use subscription-based services.
Seasoned iPhone owners might remember the Newsstand app, which debuted on the iPhone 4S in 2011.
In aninterview at the South by Southwest conference following the news, Cue said that Apple would be integrating Texture into Apple News, and that the company is committed to curating the news to remove fake news. It disappeared from iPhones by iOS 9, which was released in 2015.