Condé Nast, Hearst, Meredith, News Corp and Time Inc. are making it formal: the five publishers are equity partners in a new digital publishing venture with grand designs. They want nothing less than to develop open standards for cross-platform e-reader technology, advertising and digital sales—and they’re going to put their brands behind it. Together, the company says the five represent an unduplicated audience of 144.6 million.

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