News Corp joins publishers to launch paid-content consortium

News Corporation is set to join forces with Time Inc, Hearst, Condé Nast and Meredith to launch a new paid-content consortium.

The companies are thought to be investing in a new digital newsstand that will act as a storefront for a wide range of magazines and newspapers, according to reports.

The venture is expected to be headed up by Time Inc’s executive vice president John Squires, although each company will have two members on the board.

Board members are likely to include Monica Ray from Time Inc; Bob Sauerberg from Condé Nast; John Houseman from News Corp; and Jack Griffin from Meredith.

Although details of the venture are still to be confirmed, it is expected to focus on developing digital editions of magazines and newspapers in a bid to make money from online content.

The publishers are also understood to be considering launching their own e-reading platform, similar to the likes of Amazon’s Kindle and Sony’s eBook.

However, each member of the consortium is due to work on their own developments as well the collaborative effort.  Last week, Hearst announced plans to launch its Skiff online service, which will sell digital versions of newspapers and magazines for a variety of devices.

Time Inc also demonstrated its digital edition of Sports Illustrated last week.

The publishers are expected to make an official announcement about the joint venture later today.