Apple to buy digital magazine service Texture

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On the video service, Cue noted that Apple - despite analyst conjecture - isn't interested in buying great partners such as Netflix or Disney, since Apple prefers to buy small companies with ideas that will become the next big thing.

Texture brings over 200 of the world's best magazines to life, providing an easy way for users to read high-quality stories and entire issues of their favorite titles. Within its large catalog, the app curates magazine articles based on the user's interests.

Neither Apple nor Texture is disclosing the exact amount of the deal, or what Apple plans to do with Next Issue Media's talent.

It might also be an effort on Apple's part to match competitors like Google, which offers news through its Play Store, and Amazon, which has its own subscription reading services. The app works for Android and iOS devices.

While Cue said Apple won't be purchasing Netflix (it could if it wanted: Apple is worth over $910bn and Netflix is $25bn in debt), the tech giant recently hired two executives for its grand TV strategy and now has a team of 40 people both based in the U.S. and overseas. It's likely that the app will operate as is at least for the time being, but Apple could eventually integrate magazine subscriptions directly into Apple News.

In statement on Monday, Apple senior vice-president Eddy Cue said "we are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users".

"I'm thrilled that Next Issue Media, and its award-winning Texture app, are being acquired by Apple", said Loughlin. "We could not imagine a better home or future for the service".

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