In a bid to protect the digital future of magazines, the new service would serve as a digital newsstand for magazines, possibly newspapers and other publications, according to the Financial Times.
Time is believed to have approached publishers including Condè Nast and Hearst Corporation about the venture.
The FT said the business would be structured like the US online video service Hulu, formed by NBC Universal, News Corp and Disney. Although details of the arrangement have not been finalised, founding publishers are expected to take equity stakes in the new entity with the venture being financed by its partners.
Time has reportedly held talks with about a dozen digital device makers to see what kinds of technology would be most attractive.
The new service is expected to be announced in about a month, with the launch planned for 2010.
The move follows news that News Corporation is in talks with rival publishers about forming a consortium to charge for online news.
It was reported last month that News Corp chief digital officer Jonathan Miller met with media firms including the New York Times Company, the Washington Post Company, Hearst Corporation, and Tribune Company, which owns the Los Angeles Times.
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