“Netflix of magazines’ could be up for sale

Texture, the app that has been described as the “Netflix of magazines,” is on the block, The Post has learned.

The app, which was launched in 2010, allows ­customers unlimited access to a slew of monthly magazines for $9.99 per month or $14.99 for a premium subscription that includes weekly magazines.

Texture is a joint venture among media giants Hearst; Condé Nast; Rogers Communications; Meredith and Time Inc., which recently agreed to merge; ­and News Corp., which owns The Post.

Formerly known as Next Issue Media, Texture was re-branded two years ago ­to make a renewed play at offering magazines on tablets ­and mobile devices.

Since 2014, the privately held firm has raised $130 million: $80 million from the media companies that launched it and $50 million from investment firm KKR.

According to a source with knowledge of the situation, a “young” investor with a tech background has made a bid in recent months to acquire Texture.

Reps from Condé ­Nast directed inquiries to Texture.

The chief executive of Texture, ­John Loughlin, did not respond to requests seeking comment.

Source: https://nypost.com/2017/12/27/netflix-of-magazines-could-be-up-for-sale/

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