A late-breaking report from Re/code is indicating that Apple is readying an announcement about news initiatives on iOS. According to the report, the company plans to kill off Newsstand although individual apps will still remain in the App Store.

Apple will also apparently introduce a new service which will present news stories from a variety of sources, such as ESPN, New York Times and Conde Naste. The report describes the product as similar to Flipboard.

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Interestingly, publishers will get to keep all ad revenue collected from within the ‘Flipboard’ app that they sell themselves. Publishers will be able to use Apple ad inventory if they cannot fill the space, Apple’s charges are ‘very favourable’. Apple will continue to keep 30% of subscription revenue from App Store applications.

Watch all of Apple’s latest announcements as they happen in an hour’s time.

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