Apple Launching New Content App

Apple announced on Monday that they plan to scrap their old Newsstand app in favor of a new "Flipboard-like product that will show consumers samplings of content from big media partners including ESPN, the New York Times, Conde Nast and Hearst". According to sources, any ads sold within the app will belong 100% to the publishers, with the stipulation that Apple will help sell unsold inventory in exchange for a small cut. Read more about Apple's new content publishing strategy here.