The joint venture between four leading publishers has issued a press release highlighting a few of the finer points of its plan to create a platform for digital magazine distribution -- we guess that The New York Observer
wasn't kidding when it said that a deal between Conde Nast, Hearst, Meredith, News Corporation, and Time Inc. was imminent. Essentially a vehicle for selling publications for just about any device (including smartphones, e-readers, and laptops), the content will be optimized for multiple operating systems and display sizes, and according Time exec John Squires, it will all be DRM-free. They've yet to announce a name for this beast -- although we're leaning towards Magulu (or, perhaps, the iMags Store). PR after the break.