"Hulu for Magazines" Set to Launch Early Next Year

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A service described as “Hulu for magazines,” will reportedly launch in early 2011.

Next Issue Media is a joint effort from publishing giants Conde Nast, Hearst, Meredith and Time Inc. CEO Morgan Guenther said that the initial launch will only be available on tablets and other devices that run Google’s Android software.

Guenther told All Things Digital that the company is “ready to support Apple as well” and that he’s confident a deal will be made soon. However, Apple is rumored to want a 30 percent cut of all revenue, while the publishers want to be able to sell their magazines directly to tablet users rather than go through iTunes.