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Newspapers and magazines to create digital newsstand

Five of the largest U.S. newspaper and magazine publishers have announced plans to create a shared digital reading platform that has been called "Hulu for magazines," PCMag reports. When launched in 2010, it will allow readers to access the publications on electronic devices like smartphones, laptops, or e-readers, PC's Chloe Albanesius explains.

The joint venture involving Time Inc., Conde Nast, Hearst, Meredith and News Corp. will develop the still-to-be-named format, which will seek to compete against Amazon's Kindle reading platform, the Associated Press says.

"Time Inc. has released a video giving some idea of what it has in mind – a full-color, touch-screen digital magazine that readers would find not only more attractive than what is now available on mobile devices, but also vastly more interactive and malleable to their tastes, The New York Times adds.

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» More stories on the digital newsstand (Wired News, USA Today, Reuters)