There have been whispers in the publishing world for months now about a group solution to the print problem, in which all of the big dogs — including Condé Nast, Hearst, Meredith and Time Inc. — would come together to offer competitive marketplace solutions to widespread magazine woes. Today, they announced their big plans, including a “digital storefront” and much more.

Some of the biggest rivals in magazine publishing are close to a deal that would combine their forces in an effort to resuscitate a dying print industry. Titans of the media world — including Condé Nast, Heart and Time Inc. — are working to form an alliance that would recreate magazines for a digital age, in a plan that includes new mobile iterations sold in an iTunes-like store, as well as print magazines, according a report in The Observer.