After teaming up with News Corp. to launch the iPad-only newspaper The Daily, Apple Inc. is making another splash in the media market, according to Reuters.

The company announced today that it will launch a subscription service for magazines, newspapers, videos and music bought through the iTunes App Store.

Apple will process all payments and keep 30 percent of the revenues, but will also allow publishers to sell digital subscriptions on their websites and keep the entire revenue.

Publishers will set the price and length of the subscription. The subscriptions will be available on the company’s iPhone and iPad devices.

In other technology news, Nokia Corp. announced to Reuters on Monday that it hopes to produce a phone running on partner Microsoft Inc.’s operating system by the end of 2011.

“Clearly there is significant pressure on the teams and the whole company to ensure that we deliver a great Windows Phone product as quickly as possible,” said CEO Stephen Elop in an interview with Reuters. Nokia announced a partnership with Microsoft last Friday.