'iTunes for Magazines'

10:30 AM -- Condé Nast, Hearst, Meredith, News Corp., and Time Inc. today formally announced their joint venture, which has been dubbed by some as "iTunes for magazines."

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:

  • Google (Nasdaq: GOOG) announced today that it will be entering the realm of real-time search, by adding live updates from sites like Twitter, Facebook, and MySpace to its search results. Previously it took a few minutes for these updates to make it into search results, The New York Times says.

  • Dell Technologies (Nasdaq: DELL) announced today that it has brought in $6.5 million in orders for PCs, accessories, and software from its Twitter promotions, as everyone continues to make money from the site except Twitter Inc. itself.

  • Fusion Garage is launching the tablet device that was formerly known as the CrunchPad, despite self-proclaimed creator Michael Arrington's objections. The device, which will reportedly be launched this Friday, is now called the JooJoo (joining Nook and Kindle on the list of new devices with babytalk names).

    — Erin Barker, Digital Content Reporter, Cable Digital News

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