Cupertino computing giant Apple will soon be the the owner of a magazine distribution app.
Apple has signed an agreement to acquire Texture from its parent company Next Issue Media, according to a March 12th, 2018 media release,
Apple has not disclosed how much it paid to acquire Texture, but the company has raised $40 million USD from publishers, as well as an additional $50 million USD from KKR and other investors including BuzzFeed, Vox Media and Imgur.
“We’re excited Texture will join Apple, along with an impressive catalog of magazines from many of the world’s leading publishers,” said Eddy Cue, Apple’s senior vice president of internet software and services, in the same March media release.
“We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users.”
According to TechCrunch, Apple will acquire the full company, including employees. TechCrunch reported that there will be no usage changes to the app, meaning that Android users will not be locked out.
Next Issue Media is a joint venture between multiple American and one Canadian media organization — Conde Nast, Hearst Magazines, Meredith Corporation, News Corp, Time Inc. and Rogers Media.
Time Inc. is now a subsidiary of Meredith.
“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, in the same March release.
“The Texture team and its current owners, Conde 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.”