The future of online media is very much up in the air as news conglomerates look for new ways to generate revenue. But instead of going at it alone, several of the magazine industry's biggest players have been considering joining forces to create a new mega-company.
If it happens, the alliance would be huge and include Time Inc., Conde Nast, and Hearst, which together publishes more than 50 magazines, such as The New Yorker, Time, People, Sports illustrated, The Oprah Magazine, and many more.
The goal is to create a company that will prepare magazines for multiple digital platforms. Those close to the plans have described it as an iTunes for news and magazines.
"It's pretty complicated stuff," said a source. "Thre really, really hard part is that you've got so many different kinds of devices running on different operating systems. And how do you handle that? The consortium provides one point of contact for the consumer. When you come to the main store, you can get the content any way you want."