Formerly known as Next Issue Media, Texture allows readers access to about 200 magazines for $9.99 per month.
For now, the company will continue to operate as usual and will continue to offer its services across all major platforms including Android and Windows 10. Financial terms were not disclosed. Apple hasn't come forward with what their intentions are with the purchase of Texture, but has since stated that the deal is in order to promote "quality journalism from trusted sources".
The Senior VP of Internet Software and Services shrugged off the question: Cue said that Disney and Netflix were "good partners" but that if you look at the "general history of Apple, we never make huge acquisitions".
Also in 2014, Apple acquired BookLamp, a service that distributed books in much the same way that Texture distributes magazines. The company, it appears, has raised at least $90 million - $40 million from the publishers, and an additional $50 million from KKR and other investors that include BuzzFeed, Vox Media and Imgur.
Texture has not recently revealed the number of subscribers it has.
Texture is a company with similarities to Netflix, and they provide subscriptions to a number of publications for a flat monthly fee.
The Cupertino, California, company aims to top $50bn in annual services revenue by 2021, and a magazine subscription service would likely contribute to that. That could generate upwards of $360 in annual subscription revenue from those users - more than half of the average selling price (ASP) of an iPhone past year. While Facebook and YouTube rely nearly exclusively on software tools to decide what news people will see - Facebook fired its news curators in 2016 - Apple has a human editorial team for Apple News, the company's news aggregator app that comes pre-installed in its phones.