• Reuters, Friday, August 26, 2011 11:59 AM

Social media magazine Flipboard reportedly plans to add television shows and films to its existing cache of online articles. As such, "Internet video is getting even more crowded," Reuters concludes. Flipboard, which boasts high-profile backers like Ashton Kutcher, apparently hopes to cut deals with studios to carry movies and episodes of TV shows -- "getting into territory staked out by Netflix, Hulu and Facebook," Reuters writes.

Flipboard CEO Mike McCue tells Reuters that he plans to tackle the video project at the end of the year, although he declined to say which studio partners he has approached. McCue also said he hopes to ultimately cut deals with publishers to sell e-books through Flipboard.

At present, Flipboard offers a mix articles from every publisher from Oprah.com to the Economist, to which it adds social media feeds from sites like Facebook. To date, it has taken $60.5 million in investment, while, according to Reuters, its app has been downloaded about 3 million times.

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