Time Inc to launch digital magazine store

Time Inc is gathering US publishers together to create a digital store for magazines and possibly newspapers.

According to a report in the Financial Times, the new service is intended to help publishers avoid surrendering their “digital future” to the likes of Amazon and Apple.

Time has reportedly held discussions with Conde Nast and Hearst about the venture.

The business would be structured like Hulu, the online video service formed by NBC Universal, News Corp and Walt Disney, the report added.

Although details of the venture have not been finalised, founding publishers are expected to take equity stakes in the new entity and the venture is expected to be financed by its partners.

Time is expected to announce details of the service in about a month, with a full launch coming in 2010.