NYC Magazine Publishers to Join Digital Forces?

Some of New York's biggest magazine publishers, including Time, Condé Nast and Hearst, are said to be joining forces to develop a new company that would develop their magazine properties into digital versions that can work across multiple platforms, including iPhones and BlackBerries.

The company, which will be head by John Squires, an executive vice president at Time, is said to also be developing an iTunes like store where magazines will be for sale for downloading. 

The New York Observer