Apple buys Texture, a digital magazine subscription service

Apple

Apple Senior Vice President Eddie Cue discusses Apple Pay, the company’s new mobile payments solution, at the Apple Special event

Apple said on Monday it agreed to buy Texture, an online magazine subscription service owned by publishers Condé Nast, Hearst, Meredith, Rogers Media and investment firm KKR.

Apple didn’t say how much it would pay for Texture, which gives users digital access to 200 magazines for one monthly fee.

But the acquisition is another step for Apple to build out its software and services business with recurring subscription revenue, as it competes with companies like Amazon, Facebook and Google, which are increasingly combining hardware and software. Facebook and Google, in particular, have been under scrutiny for the way that their services present news content.

“We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users,” Eddy Cue, Apple’s senior vice president of software and services, said in a statement.