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News Corp. Buys Skiff E-Reader

News Corp. has bought the Skiff e-reader platform, vowing to transform the publishing industry.

NEW YORK (

TheStreet

) -- Rupert Murdoch's

News Corp.

(NWSA) - Get Report

has acquired

Hearst Corp.'s

Skiff

e-reader business for an undisclosed fee, vowing to transform the publishing industry.

With its flexible screen, the

Skiff e-reader was showcased

by telco partner

Sprint

(S) - Get Report

at CES earlier this year, and has been touted as the next big thing in online newspaper publishing.

Skiff Reader

News Corp., which publishes the

Wall Street Journal

and the

TST Recommends

New York Post

, also announced that it had made an investment in

Journalism Online

, an organization that helps newspapers and magazines collect revenue from online readers.

"Both Skiff and Journalism Online serve as key building blocks in our strategy to transform the publishing industry and ensure consumers will have continued access to the highest quality journalism," said Jon Miller, chief digital officer of News Corp., in a statement.

More on E-Readers Is the E-Reader Dead?

The Skiff device, however, faces stiff competition in the e-reader space from

Apple's

(AAPL) - Get Report

iPad and

Amazon's

(AMZN) - Get Report

Kindle.

-- Reported by James Rogers in New York

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