The companies -- which together represent an unduplicated audience of 144.6 million -- plan to develop a digital storefront to sell e-copies of their magazines for tablets and mobile devices. They will also be exploring new forms of advertising to place within the digital magazines.
Each of the five companies has an equity stake in the JV, which is nameless for now. At the moment, Time Inc.'s John Squire is running the show, and he hopes to be named permanent CEO, paidContent reports.
In other news:
— Erin Barker, Digital Content Reporter, Cable Digital News