Apple has acquired Texture, the Netflix-style magazine subscription service that will give you access to many publications for a flat monthly fee. The company didn’t specify why it’s purchasing Texture, but the deal to acquire the company reflects its commitment to “quality journalism from trust sources.”
The company noted that the buyout gave it an “impressive catalog” of magazines. This means that it gave the company connection to major publishers such as Hearst, Nast, Meredith and News Corp, so those connections may very well be more important to Apple than the service itself.
Terms of the deal between Apple and Texture were not disclosed to the public, but Recode understood that investors who pumped $50 million into Texture owner Next Issue Media will “get their money back.” The publishers are reportedly pretty happy as well.
At SXSW, Apple’s Eddy Cue is expected to discuss the company’s purchase of Texture, so we may get some more details. It’s unclear right now how Apple plans to embed Texture into its existing services or if it will start something new entirely.