Apple to acquire Texture, the 'Netflix for magazines'

Apple didn't say how much it would pay for Texture which includes gives users access to 200 magazines for one monthly

Apple didn't say how much it would pay for Texture which includes gives users access to 200 magazines for one monthly

"We're excited Texture will join Apple, along with an impressive catalog of magazines from numerous world's leading publishers", Apple senior vice president of internet software and service Eddy Cue said in a statement. Texture, which gives you unlimited access to different magazines for a single fee, has been billed as something like a Netflix for magazines.

"We're excited Texture will join Apple, along with an impressive catalog of magazines from numerous world's leading publishers", said Apple's senior VP Eddy Cue.

The deal also shows that Apple is distancing itself as a purveyor of so-called fake news, the false and misleading news reports that have spread on social media networks like Facebook (fb) and Twitter (twtr). Apple hasn't come forward with what their intentions are with the purchase of Texture, but has since stated that the deal is in order to promote "quality journalism from trusted sources". In 2015, the app changed& amp; amp; nbsp;its name to Texture, while the venture continued to operate as Next New Media.

"We could not imagine a better home or future for the service", Texture's CEO John Loughlin said on Monday.

Since 2014, Texture has raised $130 million: $80 million from the media companies that launched it and $50 million from investment firm KKR.

Meanwhile, Cue still didn't explain exactly how potential viewers would be able to watch Apple's original TV series when they become available, but he did mention that some "surprises" are coming for the viewing experience.

A few hundred thousand subscribers paying $10 per month isn't going to be very noticeable on Apple's income statement, which would represent annual revenue of anywhere from $24 million (200,000 subscribers) to $108 million (900,000 subscribers).

In other words, Cue said Apple is focused on the next big thing, rather than the thing that is big now.

Users can read magazines on up to five devices in a single subscription.

It's not clear how many users Texture had.

Cue stayed evasive on specific plans for new content or enhancements to Apple TV.

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