The amount that Apple spent on this deal has not been disclosed.
According to PhoneArena, known as “the Netflix of the magazine publishing industry”, the app called Texture was recently acquired by Apple for an undisclosed price. This application allows subscribers to choose from about 200 magazines to read at a price of about 9.99 USD / month (about 250,000 VND) after a 7-day free trial period.
In this deal, Apple will buy back the entire company, including headquarters, offices, and employees (but whether or not it includes coffee tables or not … it’s unclear).
Apple says Texture’s operations will not be affected by the deal, and the app will continue to provide services to iOS, Android, Amazon Kindle Fire, Windows 8 and Windows 10.
Texture is a private company and does not issue any stock. In addition, there are not any public reports on the true value of Texture. The company raised $ 90 million, of which $ 40 million came from investors such as Condé Nast, Hearst, Meredith, News Corp., Rogers Communications and Time Inc. The remaining $ 50 million is owned by private fund KKR, along with BuzzFeed, Vox Media and Imgur.
Eddy Cue, Senior Vice President of Internet Software & Services at Apple, said: “We are delighted that Texture will join Apple, along with an impressive magazine portfolio from many of the world’s top publishers. We are committed to quality journalism from reliable sources and to allow journals to continue to produce stories that are beautifully designed and compelling for users. “
* Source: ICT News