Rumor: several large publishers have teamed up to create a new e-reader for magazines and newspapers

There are rumors that several large publishers (including Time Inc., Hearst, Condé Nast and maybe Meredith Corp) has teamed up to create a new e-reader for magazines and newspapers. They want to develop both the hardware and the software. The content will be compatible with HP and Sony devices, and upcoming Apple reader (if the rumors are true on that one). The new e-reader is said to have a color display (and so not E Ink based).

Via NYPost