Apple has acquired Texture, the magazine subscription service that has been described as a "Netflix for magazines."
"We're excited Texture will join Apple, along with an impressive catalog of magazines from many of the world's leading publishers," Apple svp Eddy Cue said in a release on Monday morning. "We are committed to quality journalism from trusted sources and allowing magazines to keep producing beautifully designed and engaging stories for users."
The subscription service is jointly owned by major publishers Condé Nast, Hearst, Meredith and Rogers Media, along with investment firm KKR. The sale price was not disclosed.
"This new relationship with Apple not only will deliver new audiences and further the reach of our collective brands, but it reflects the way consumers are engaging with media today as they look to discover content and subscribe with more convenience and ease," Condé Nast, Hearst Magazines and Meredith said in a joint statement provided to The Hollywood Reporter.
Launched in 2010, Texture has struggled to gain traction and paid users, and has put a lot of resources into product awareness. The company, which has raised hundreds of millions of dollars, spent almost $50 million on advertising in 2015.
John Loughlin, chief executive of Texture and parent company Next Issue Media, said in the summer of 2016 that the service boasted "substantially in excess of" 200,000 subscribers. The service costs $9.99 per month after a free trial.
"The Texture team and its current owners ... could not be more pleased or excited with this development," Loughlin said on Monday in a prepared statement. "We could not imagine a better home or future for the service."
This article was originally published by The Hollywood Reporter.