Time Inc. is leading an industry-wide joint venture to create a digital store for magazines, The Financial Times reported on its Web site Friday, citing people familiar with the plan. The service would serve as a digital source for magazines, and possibly newspapers and other publications. It is expected to be announced in about a month, and the launch is planned for next year. The founding publishers are expected to take equity stakes in the new entity and the venture is expected to be financed by its partners. Details of the arrangement have not been finalized. Time has held discussions with Conde Nast and Hearst about the venture. Time and Conde Nast declined to comment, and Hearst was not immediately reachable.

Time has held separate conversations with Apple Inc. (AAPL) about placing its magazines, such as People, Sports Illustrated and Fortune, on Apple’s upcoming tablet device. It was unclear if or how the venture would work with other systems developed to address a need to charge consumers for content that has been given away for free online. Time Inc. is part of Time Warner Corp. (TWX).

Full story at http://www.ft.com/cms/s/0/8de6b040-af79-11de-ba1c-00144feabdc0.html

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