The much anticipated magazine publisher consortium, which officially announced its intention to launch some sort of e-reader format earlier this month, now has a name.

Folio reports that the partnership between Condé Nast, Hearst, Meredith, News Corp. and Time Inc., led by Time’s John Squires, will be called Next Issue Media. But even with a name, the consortium has yet to divulge what its digital reader format will be, or offered up names for a yet-to-be-revealed e-reader device and digital storefront.

Regardless, we’re waiting to see what they come up with, when they decide to unveil it.

Digital Content Partnership Named: ‘Next Issue Media’ –Folio

Previously: Publisher Consortium Finally Announce Digital Mag Venture

After much speculation, a group of the biggest magazine publishers in the U.S. have finally announced a joint venture that many in the industry have been calling “Hulu for Magazines.”

Today, publishers Condé Nast, Hearst, Meredith and Time Inc. — and Rupert Murdoch-led News Corp. — announced their partnership in a project that will work to distribute and sell digital publication content. Like Hulu, the new venture is a joint venture between a number of big name media companies. However, unlike the free online video Web site, this new initiative will seek to make money not only through advertising but subscriptions.

The new project, led by Time Inc.’s digital chief John Squires, will offer distribution of the publications of all the partners as well as those of other publishers, although none were mentioned in the announcement today. Also not included in today’s press release: a name for the new venture.

What’s more, the announcement makes no mention of the fact that the partners are individually looking in to new digital options, like Hearst’s recently announced Skiff service and uniquely enabled e-reading devices, and whether those initiatives will play into this joint project.

For more information about the new venture, full press release after the jump

Related: Hearst Enters eReader Market With Skiff

(Photo via flickr)

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Last night The New York Observer broke the news that Time Inc. executive vice president John Squires is leaving the financially troubled institution to work on a new digital media project with some of the biggest titles in magazine publishing…including some of Time’s own.

According to the Observer:

“The company will prepare magazines that can work across multiple digital platforms, whether the iPhone, the BlackBerry or countless other digital devices. The company will not develop an e-book, but create something that people familiar with the plans compare to iTunes — a store where you can buy new and distinct iterations of The New Yorker or Time. Print magazines will also be for sale.”

This comes after weeks of bad news over at Time, which stopped the clock for buyouts last Wednesday and is expected to make further staff cuts this holiday season in order to make its goal of $100 million trimmed from its budget. It’s no secret that the magazine industry is hurting financially and is desperately drawing at straws on how to cash in on their Internet content, and Squires has always been forward thinking on that front. Why he would leave Time during such a turbulent period to work for a start-up that basically combines all the ailing titles’ online identities, including his own, is anyone’s guess. But we’re waiting with bated breath to see what happens when the already muddled Condé Nast Digital group teams up with Squires. Hey, it’s so crazy it just might work!

Read More: Time Inc.’s Squires Assembles Team of Rivals to Harness Digital Media

Previously: More on the Time Inc. Layoffs, Condé Nast Officially Announces Its Digital Magazine Initiative

(Photo via Time Inc.)

Yesterday, we spent a few hours at the Magazine Publishers of America‘s Magazine Innovation Summit. In between panels and interviews like The New York Times‘ David Carr‘s Q&A with Ken Auletta of The New Yorker (right), we got a chance to catch up with some of New York media’s movers and shakers and pick their brains.

First, we asked Carr what he thought of Bloomberg LP’s acquisition of BusinessWeek. The media columnist was practically giddy with excitement. “It’s great news for people like you and me,” Carr told us, complaining that the media industry has been sorely lacking in fun deals to report on. “I couldn’t help but get involved in Stephanie’s story,” he said referring to the article about the deal he co-bylined with Stephanie Clifford for the Times yesterday.

Carr’s excitement was mirrored by BusinessWeek.com‘s John Byrne, who interviewed Netflix CEO Reed Hastings after lunch.

“There was a little activity at BusinessWeek this morning,” Byrne said. He then went on to say how happy he was to be going to work for Bloomberg, remarking that it was a “great place” for the business magazine to be.

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