Apple to buy 'Netflix for magazines' Texture

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There's no word in Apple's press release regarding whether Texture's existing app will shut down or continue running as-is.

A huge fan of basketball who has frequently been seen at Golden State Warriors games, Cue also said that a new sports feature will be coming to the TV app this week for March Madness, and that Apple thinks that it can make the sports experience "so much better" than it now is.

Apple's Eddy Cue will be on a panel today at SXSW, so most likely we will hear him discuss this deal.

Texture brings over 200 of the world's best magazines to life, providing an easy way for users to read high-quality stories and entire issues of their favorite titles. The subscription fee is $6.99 per month, which is offered on an on-going sale. Some publications available include People, Vanity Fair, Esquire, Good Housekeeping and GQ. In addition to this, users would also have the ability to download magazines for offline reading. The Texture team and its current owners, Condé Nast, Hearst, Meredith, Rogers Media and KKR, could not be more pleased or excited with this development. "We don't try to sell the most smartphones in the world; we don't try to sell the most apps, we try to make the best one".

John Loughlin, CEO of Next Issue Media / Texture: "I'm thrilled that Next Issue Media, and its award-winning Texture app, are being acquired by Apple".

This is all for now, folks.

On the video service, Cue noted that Apple - despite analyst conjecture - isn't interested in buying great partners such as Netflix or Disney, since Apple prefers to buy small companies with ideas that will become the next big thing. Share your views with us in the comment.