The digital magazine will be designed specifically for the iPad and has been referred to as Project in advance literature. Branson sent out invitations for next Tuesday's launch to select members of the press. Project is rumored to focus on business, culture, design, entertainment and travel, with more details to arrive at the conference.
The Guardian writes, "Virgin's project will be more entertainment and less current affairs focused than the Daily. It is being spearheaded by Branson's 29-year-old daughter Holly and editorially led by Anthony Noguera, former editor of Arena, Zoo and FHM."
News of Virgin's iPad magazine comes on the heels of fellow tycoon Rupert Murdoch's rumored plans to launch his own digital publication for the device. Murdoch has reportedly put $30 million into the venture, called The Daily. Intended to be a daily newspaper, it will likely be sold at 99 cents per week.
The Daily is expected to have its own unveiling on December 9th, with Apple CEO Steve Jobs himself rumored to be hosting the event.