Apple buys magazine app Texture that's partially owned by Rogers

U.S. tech giant Apple is buying the magazine aggregating service Texture from a consortium of publishers including Rogers, for an undisclosed sum.

The service, which launchedunder the name Next Issue in 2010, allows subscribers to read dozensof magazines on their tablet for one monthly price, typically $9.99in most markets. Rogers joined on a few yearslater in 2013, adding its stable of magazines to the service.

The company was later rebrandedas Texture and itcurrently boasts of more than 200 titles from publishers Cond Nast, Hearst, Meredith andRogers Media, who are all among the owners.

Financial details for Apple's purchase of the entire companywere not disclosed, but investment firm KKRspent $50 million for its stake in the company in late 2014, justbefore it wasrebrandedas Texture.

Prior to that, the media partners hadreportedly put in a total of$80 million combined over the years.

As a private company, Next Issue Media LLChas never revealed its subscriber numbers, but in 2016 CEOJohnLoughlinsaid it hadin excess of 200,000 paying customers.

In a statement on Monday, Apple senior vice-presidentEddy Cue said "we are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users."