Apple reportedly paid $485 million USD for Texture


When Apple unveiled Apple News+ last month, the company also announced Texture, a magazine distribution platform it purchased in March 2018 would shutter on May 28th.

According to a report from the New York Post, Apple paid a total of $445 million USD for Texture, which Rogers was a partial owner of. The NYPost adds that the $485 million included a $100 million upfront payment to the five organizations — Conde Nast, Meredith, Hearst, Rogers and venture backer KKR — that helped launch the service.

“The sale price of $485 million included a $100 million up-front payment to four publishers who teamed up to launch Texture — Condé Nast, Meredith and Hearst and Rogers in Canada — plus their venture backer, KKR. Going forward, the four publishers got a minimum of $145 million in the first year, followed by a minimum $240 million for the second and third years,” says the report.

In Canada, Apple News+ costs $12.99 CAD per month and has over 300 magazines available, including 30 Canadian magazines.

The news that Texture was shutting down wasn’t so bad for iOS users; they could simply migrate to News+. On Android, however, Apple has yet to provide an alternative.

Source: NYPost

MobileSyrup may earn a commission from purchases made via our links, which helps fund the journalism we provide free on our website. These links do not influence our editorial content. Support us here.

Related Articles