Apple buys repository app Texture that’s partially owned by Rogers

U.S. tech hulk Apple is shopping repository aggregating use Texture from a consortium of publishers including Rogers, for an undisclosed sum.

The service, that launched under a name Next Issue in 2010, allows subscribers to review dozens of magazines on their inscription for one monthly price, typically $9.99 in many markets. Rogers assimilated on a few years later in 2013, adding a fast of magazines to a service.

The association was after rebranded as Texture and it currently boasts of some-more than 200 titles from publishers Condé Nast, Hearst, Meredith and Rogers Media, who are all among a owners.

Financial sum for Apple’s squeeze of a whole company were not disclosed, though investment organisation KKR spent $50 million for a interest in a association in late 2014, just before it was rebranded as Texture.

Prior to that, a media partners had reportedly put in a sum of $80 million total over a years.

As a private company, Next Issue Media LLC has never suggested a subscriber numbers, though in 2016 CEO John Loughlin said it had in additional of 200,000 profitable customers.

In matter on Monday, Apple comparison vice-president Eddy Cue pronounced “we are committed to peculiarity broadcasting from devoted sources and permitting magazines to keep producing beautifully designed and enchanting stories for users.”

Article source: http://www.cbc.ca/news/business/apple-texture-rogers-1.4572495?cmp=rss