Flipboard Acquires CNN News Reader App Zite

Flipboard, one of the most popular news readers app on iOS and Android has now bought CNN’s news reader app Zite. Initially the value of the deal was reported to be $60 million but CNN has said that this reported “valuation is inaccurate.”zite-logo

CNN itself acauired Zite for $20 million in 2011. Present CEO of Zite Mark Johnson will not be moving over to Flipboard. He has said in a press release:

“Personally, my situation is a bit different and I won’t be joining Flipboard. I’m really glad that I ignored the odds and shepherded Zite through our CNN years. I’ve grown as a CEO and I’m very proud of my team. However, after being at four different successful startups, I’ve never started one myself and it’s time to change that.”

CNN and Flipboard are likely to work together and create e-magazines from some of the popular CNN shows. But the competition is getting fierce in this area after Facebook launched its Paper news reading app.

Fliopboard has said in a press release:

“By bringing the Zite team and technology to Flipboard, we can deliver an even more personalized experience to every Flipboard reader.”

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