Financial details for Apple's purchase of the entire company were not disclosed, but investment firm KKR spent $50 million for its stake in the company in late 2014, just before it was rebranded as Texture.
The "virtual newsstand" gives readers online access to current and back issues of about 200 titles, including Rolling Stone, Vanity Fair, Vogue and Cosmopolitan, for a monthly fee of $9.99 (£7.19).
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He also does yoga with his adult daughter, dines out more frequently than some food critics and is a wine connoisseur . David Solomon will serve as sole President and Chief Operating Officer of the firm upon Harvey's retirement.
Since its launch in 2010, Texture has become the leading multi-title subscription service giving users the ability to instantly access some of the most widely read magazines while on the go. His talk came the same morning that Apple announced that it was buying a digital magazine distributor.
Apple's purchase of Texture signals the Cupertino tech giant's expansion of its services segment, which includes Apple Music, iBooks and other services. The app works for Android and iOS devices. The segment has been one of its fastest-growing across all its revenue streams; the services segment revenue grew 18 percent in the company's most recent quarter compared with the same period past year, only behind the "other devices" segment - which includes Apple Watch, AirPods, and Apple TV - at 36 percent.
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In a joint statement, publishers Conde Nast, Hearst Magazines, and Meredith said the acquisition will help further their mission. According to 9to5Mac, Cue teased that Apple will have "a technology angle that will be a "surprise" to its service".
"I'm thrilled that Next Issue Media, and its award-winning Texture app, are being acquired by Apple", said John Loughlin, CEO of Next Issue Media / Texture. At that point, we should have more information both as to the intentions of the company with the service as well as the future of the application as it now stands.
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It might also be an effort on Apple's part to match competitors like Google, which offers news through its Play Store, and Amazon, which has its own subscription reading services.
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