Time Inc., Conde Nast, the Hearst Corporation, Meredith and the News Corporation unveiled plans for a “digital newsstand” Tuesday after weeks of speculation. It is to be “an industry-standard platform to present their work on the Web, phones and e-readers” that is “more advanced than anything now on the market, [along with] e-readers far more sophisticated than today’s mostly static, black-and-white devices,” The Times says.

A video from Time shows how it might work.

“The five partners own the venture – they have not disclosed how big an investment they are making in the project – but they hope to recruit other publishers to use the software they develop,” according to The Times.