APPLE HAS ACQUIRED digital magazine service Texture, an all-you-can-read Netflix-style service for iOS, Android and Windows devices.
Texture was founded in 2010 and was formerly known as 'Next Issue' until it rebranded in 2015. It was chiefly founded by a group of major magazine publishers, including Condé Nast and Hearst, and also raised $50m from other investors.
The service offers users content from more than 200 magazines digitally for a monthly fee of $7.99, including the likes of Bloomberg Businessweek, Entertainment Weekly, Vanity Fair and Vogue.
Speaking to the New York Post back in 2016, Texture CEO John Loughlin saying that the service had "hundreds of thousands" of users at the time.
Eddy Cue, SVP of Internet Software and Services at Apple, announced the firm's plans to buy Texture at SXSW in Austin on Monday.
Cue confirmed that Apple has acquired the entire company, including staff, and while it's not entirely clear what the firm's plans are for Texture, he said that the app will be integrated, in some form, with Apple's News service.
He also pledged that Apple will continue to support the Android version of the app.
Although the price of the deal was not disclosed, Recode reports that the investors who pumped $50m into Texture owner Next Issue Media will "get their money back."
Cue said: "We're excited Texture will join Apple, along with an impressive catalogue 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."
Loughlin added: "I'm thrilled that Next Issue Media, and its award-winning Texture app, are being acquired by Apple.
"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." µ
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