A group of four magazine publishers and media conglomerate News Corp are expected to announce Tuesday a joint venture aimed at developing new standards for digital magazines, according to a report. The move is seen as preventing Apple or other e-reader developers dictating a new age of digital publishing.
The new company — as yet unnamed — will be jointly owned by Hearst, Time Inc., News Corp., Condé Nast Publications and Meredith Corp., according to The Wall Street Journal.
According to the report, the group’s aim is to create standards governing advertising and how readers can buy magazines through an online store. The publishers hope to prevent a repeat of how Apple’s iPod and iTunes store decimated the traditional music business.
The news follows a Nov. 24 report that said 50 publishers were “within weeks” of announcing a similar consortium. The group had met with e-reader makers, including Apple, on creating an iTunes-like magazine kiosk, according to The New York Observer.