A group of leading and renowned US publishers, including Condé Nast, Hearst and Time, have joined hands in the drive to build an online "newsstand" and make all magazines and print material currently under their wing available in a variety of digital formats. All involved parties will own equity in the project and the joint company has good chances of being formed as early as next week.

The move is being viewed as a direct result of the fact that print magazines and newspapers have lately seen a sharp fall in circulation, with more and more people turning to online mediums to access news items and articles. Keeping this in mind, the group involved with the project wants to exercise some form of control over online and digital access. With time, these publications will look into developing websites which can be accessed from leading smartphones such as the iPhone and BlackBerry.

In theory, the new online news company would make it easier for readers to buy print and electronic copies of leading publications like The New Yorker, Sports Illustrated, Esquire and Better Homes and Gardens from a single web portal.

Other media sectors have already joined hands with the internet and have taken most of their services online. Many television networks are now Hulu stakeholders, which gives them and their users an access into the online television and movies website.