(subscription required): So it was WSJ I trumped on this news...Read my earlier exclusive, Contentville II?: Louis Borders new Venture, on Louis Borders’ new venture KeepMedia.

More details: some content providers among the 140: Economist, Esquire, Mother Jones, OpinionJournal.com (part of Dow Jones)

Users will be able to download and save as many of the articles as they like for a flat monthly fee of $4.95. To avoid hurting sales of the print magazines, KeepMedia won’t let users obtain current issues until they leave newsstands, unless those users are subscribers to the print versions of the magazines.

Publishers won’t be getting a huge sum initially: KeepMedia, on average, will keep about 60 percent of users’ subscription fees [which puts it in the league of telecom operators--that’s how much on average they keep from mobile content providers], with the remainder divvied up among publishers according to how frequently their articles are read and how much they promote KeepMedia’s service in their magazines or on their websites.