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Apple snaps up Next Issue Media’s Texture
Posted on Tuesday, 13 March 2018 11:24
US tech giant Apple is buying Next Issue Media in order to gain its digital magazine subscription service, Texture.
The deal will provide an exit for Kohlberg Kravis Roberts (KKR), as well as Condé Nast, Hearst, Meredith, and Rogers Media.
Launched in 2010, the Texture platform, after an initial free trial period, charges users a USD 9.99 monthly fee in exchange for unlimited access to around 200 titles, including Vogue, National Geographic, Entertainment Weekly, GQ, and Harper’s Bazaar.
It is also available as a mobile application (app) for iPad, iPhone, Android devices and Amazon Fire tablets.
Although financial details of the Next Issue Media transaction were not disclosed, Reuters cited an insider as stating that KKR expects a “significant return” on its initial investment of USD 50.00 million, made in December 2014.
The news provider added that another source close to the situation had alleged that content agreements between Texture and magazine publishers, those both with and without stakes in the platform, have been renegotiated as part of the acquisition.
Apple, which Reuters claims was not the only technology specialist interested in the Texture platform, designs, develops, and sells consumer electronics, software, and online services.
Founded in 1976, the California-headquartered tech firm’s product offering now includes the iPad tablet, iPhone smartphone, Mac personal computer, Apple Watch smartwatch and Apple TV digital media player.
It reported net income of USD 20.07 billion on revenue of USD 88.29 billion for the three months ending 30th December 2017.
Apple’s purchase of Next Issue Media continues efforts to further develop its content-related services and platforms; the conglomerate reportedly forked out USD 400.00 million for music identification app Shazam in December 2017.
This deal hit headlines again recently, due to a delay caused by some countries raising concerns over competition, leading to a European Union review.
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