Apple Insider is confirming the rumors that have circulated for weeks regarding a powerhouse partnership among some of the biggest names in publishing.
According to this morning's confirmation, Condé Nast, Hearst, News Corporation, Time Inc., and Meredith are in business together and will agree on "open standards for a new digital storefront."
The five publishers said the independent venture will "allow consumers to enjoy their favorite media content on portable digital devices." As was reported in November, the consortium will be run in the interim by John Squires, former executive vice president with Time Inc.
Publishers intend to create a reading application that can render the "distinct look and feel" of specific publications and can be optimized for a number of devices with different operating systems and screen sizes. The plan also includes a consumer storefront with an "extensive selection" of products, and will also allow "innovative advertising opportunities."
Interestingly, all of the partners in the new digital store have also presented their own, individual plans for digital subscriptions. Hearst has said it will launch a service sometime in 2010, while Time Inc. has been showing off a tablet-friendly magazine concept.
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