A consortium of magazine publishers including Time Inc. and Condé Nast are plan to jointly build an online newsstand for publications in multiple digital formats, according to people with knowledge of the plans.

The formation of a new company to run the online newsstand — sometimes characterized as an “iTunes for magazines” — may be announced in early December. Time, Condé Nast, Hearst and Meredith all intend to be equity partners in the new company, although the deals have not yet been signed.

In the face of slumping print circulations for many magazines, the publishing houses are eager to exert some control over digital readership, said people at the companies, who spoke on condition of anonymity because they were not authorized to talk about the plans. Some newspaper owners have also expressed interest in the joint venture.

More...