Eddy Cue, Apple's senior vice president of Internet Software and Services, sat down with CNN's Senior Media Reporter Dylan Byers today at SXSW to discuss Apple's TV and News strategy.
On the video service, Cue noted that Apple - despite analyst conjecture - isn't interested in buying great partners such as Netflix or Disney, since Apple prefers to buy small companies with ideas that will become the next big thing.
The service, which launched under the name Next Issue in 2010, allows subscribers to read dozens of magazines on their tablet for one monthly price, typically $9.99 in most markets. Some publications available include People, Vanity Fair, Esquire, Good Housekeeping and GQ.
"We're excited Texture will join Apple, along with an impressive catalog of magazines from numerous world's leading publishers", said Eddy Cue, Apple's senior vice president of Internet Software & Services, in a statement. Within its large catalog, the app curates magazine articles based on the user's interests.
There is no word on what Apple intends to do with the purchase. The app works for Android and iOS devices.
Texture's Netflix-style model of subscription service feels like a flawless fit for future integration in Apple News. According to 9to5Mac, Cue teased that Apple will have "a technology angle that will be a "surprise" to its service".
John Loughlin, CEO of Next Issue Media / Texture: "I'm thrilled that Next Issue Media, and its award-winning Texture app, are being acquired by Apple". Cue should know, the exec is in his 30th year with Apple and helped create the iTunes and App Stores.