A group of publishers and an international media conglomerate announced the formation of a joint venture to develop a digital storefront for media content this week. News Corporation was joined by Condè Nast Publications, Hearst Communications, Meredith Corporation, and Time, Inc. in the announcement, which also gave plans for an accompanying set of standards and an advertising system. The companies stated that the venture would also provide business opportunities for hardware and software developers.
The venture, which emphasized maintaining the look and feel of magazine publications through the new device and standard, will be headed up by John Squires. Currently executive vice president at Time, Inc., Squires has been responsible for developing Time, Inc.'s digital business model.
Check back next week for more coverage of this ongoing development in the world of digital publishing.
(www.newscorp.com; www.hearst.com; www.meredith.com; www.timeinc.com; www.condenast.com)