Time Inc. is enlisting magazine publishers in the United States to launch a "jointly run digital newsstand next year," Reuters UK reported over the weekend. Time Warner, which owns Time, has been in talks with Conde Nast, which shuttered four magazines today, as well as Hearst Corp., a source told Reuters.

paidContent's Rafat Ali reported today that the joint venture would be something of a Hulu-type model, but for magazines. A source told Ali the project has less to do with revenue splits and consumer data, and more to do with "trying to develop new formats and standards so that when the devices come in, the mag industry is ready."

According to Wall Street Journal blog AllThingsDigital, the venture would operate as a digital storefront, where readers would go to buy and manage subscriptions, which would then be deliverable to any device.

"The pitch: Control a direct relationship with consumers while gaining leverage with heavyweights like Apple and Amazon," AllThingsD writer Peter Kafka wrote.