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Magazines can certainly be read on multiple devices. I don't know the limit, but my wife has a FireHD and I have the 9" FireHD. We can both read magazines and share apps, etc.
Books are either unlimited (if the book has no DRM), or usually limited to 6 _concurrent_ devices. Of course, if you're going to sideload, Calibre plus Apprentice Alf solves the DRM issue.
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