Time Inc.'s John Squires has come up with a means that he hopes will save the magazine industry: a Hulu for glossies, All Things Digital reports.

Squires is in the process of convincing publishers to join his joint venture, which is aimed at a market that doesn't yet exist, whereby magazine-esque publications are delivered via e-readers.

The company will operate independently from its investors, and will live on a digital storefront where users purchase and manage e-mag subscriptions, available on any device. Squires hopes the medium will engender a direct relationship with readers while granting leverage against companies like Amazon, which produces the Kindle e-reader, and Apple, which is rumored to be preparing a tablet reader.

Publishers expected to leap aboard include Hearst and Condé Nast. The project will launch in 2010. Time is also considering the inclusion of newspapers, as well as at least one noncontent partner for an investor.