The biggest names in magazine publishing are closer than ever to rolling out a digital joint venture, reports John Koblin at the Observer.
Time Inc., Conde Nast, Hearst, and possibly others, are working together to create a digital storefront to sell their wares. When we first heard about this a few months ago, we described it as an iTunes for magazines.
The idea seems to be to create new, original, material for devices like BlackBerrys and iPhones and sell them online, rather than just porting print stories to the web.
John Squires, an executive vice president at Time Inc., is planning to leave Time Inc. and become the interim executive of the new company, sources told The Observer. His term is expected to be six months, during which time the group will search for a permanent executive.
The deal is not done, but if all goes according to plan, the company could be announced within weeks, and other publishers may join in as well.
“It’s very close and more imminent than it’s been,” said one source familiar with the situation. Continue>>
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