Maven Networks has launched its new Internet TV platform, which has been adopted by more than 500 media companies, led by Hearst Corporation. The companies are using Maven to power their online video distribution and advertising business.

Hearst Magazines, publisher of Cosmopolitan, Esquire and Good Housekeeping, is launching 14 new Internet channels built on the Maven platform with their own individual branding, promotions and advertising around the audience of each magazine title.

Newspaper giant Hearst Corporation unveiled its News Reader software, a product born of a partnership with Microsoft. News Reader software debuted in beta at the Seattle Post-Intelligencer as a downloadable application, allowing an on-screen view of Hearst newspapers.

The news comes in the wake of growing concern for the future of print media as online content becomes more prevalent and preferred.

George B. Irish, president of Hearst Newspapers, and Kenneth A. Bronfin, president of Hearst Interactive Media.

Hoping to capitalize on the online teen market Hearst Magazine’s digital unit has acquired eCrush.com a conglomerate of entertainment and social networking sites for teens and young adults. The purchase price has not been disclosed.