The New York Times is citing sources familiar with plans to bring about an "iTunes for magazines"; an online newsstand to be developed by Time Inc., Condo Nast and Heasrt. According to the "people with knowledge of the plans," the new venture may be announced in early December. The move is being made to counter continually declining print circulation for U.S. magazines.

The website would reportedly offer consumers the chance to buy print or electronic copies of their magazines. It would also develop software standards for viewing the content on iPhones, Blackberrys, eBook readers and other devices. According to the New York Observer, John Squires, a Time executive, would be the chief executive officer of the new online venture.

"The consortium provides one point of contact for the consumer," the Observer quoted an unidentified source as saying. "When you come to the main store, you can get the content any way you want." U.S. newspaper and magazine publishers have witnessed a steep decline in print advertising revenue as more of their readers turn to free content on the Internet to get their news.

Time Inc. alone is carrying out largescale layoffs after it had to let 600 staff go just last year. It publishers several popular magazines including Time, Fortune, Sports Illustrated and People.