It's no secret that times are tough in the magazine racket. In hopes of saving their collective bacon, Time Warner, Conde Nast, Meredith, Hearst, and News Corp. have officially joined forces to create a new way to distribute digital versions of magazines. On a device that you don't currently own. This should be good.
Aside from this proof-of-concept demo, the alliance doesn't really specify much beyond the fact that these companies are banding together to create some sort of standardization, on some sort of device, sometime in the future.
It would appear that these guys feel strongly that someone Apple is soon going to release a very popular tablet-style device capable of delivering the multimedia experience showcased below. It's a big gamble for sure, but when you look at the publishers' situation, they are running out of viable options pretty quick.
Source: All Things D