Hearst, publisher of such magazines as O, The Oprah Magazine and Esquire, is the latest big boy print player to set up space inside Apple’s new virtual newsstand, which hocks subscriptions to magazine iPad apps.

The Wall Street Journal (subscription required) reports magazine apps will cost $2 per month or $20 for a year, and subscribers can pay from within the app. In the past, readers would have to buy each edition of the app individually, without being able to subscribe. Apple gets a 30 percent cut of the revenue.

The Justice Department and Federal Trade Commission are both investigating Apple’s restrictive app store subscription policies.

Time Inc. recently made a deal with Apple that gives subscribers free access to iPad versions of Time, Sports Illustrated and Fortune if they buy through the Apple store.

Hearst Strikes Subscription Deal With Apple as Publishing Industry Looks On [The Wall Street Journal via Wired]

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