Magazine Publishers to Create 'iTunes for Magazines':

Magazine Publishers to Create 'iTunes for Magazines':

US magazine publishers Time Inc., Conde Nast and Hearst are preparing to launch an IT service - newsstand on the internet described as an "iTunes for magazines," according to published reports. The New York Times, citing "people with knowledge of the plans," said Wednesday that the formation of the new IT company may be announced in early December.
The newspaper said Time, Conde Nast, Hearst and another publisher, Meredith, would be equity partners in the new venture, which comes at a time of declining print circulation for many US magazines. It said the company would offer print and electronic copies of the magazines from a single website. It would also develop software standards for magazine viewing on iPhones, BlackBerrys, electronic book readers and other platforms.