Flipboard Purchases Zite From CNN

Flipboard purchased the personalized news app Zite from CNN, while CNN and Flipboard agreed to a partnership to launch digital magazines based on the channel’s shows through Flipboard. The deal, worth a rumored $60 million, will make Zite available as a magazine to Flipboard’s 90 million users – not to mention the eyeballs that CNN will be hoping to acquire through this deal. While Facebook’s Paper has been dominating the news-aggregation app headlines recently, Flipboard was certainly in the space first, and presents a more personalized product – something that CNN will have recognized – and has raised around $161 million in three funding rounds. In combination with Zite and CNN magazines, Flipboard now has access to a more main steam source of readers and users, positioning it for even broader adoption and true competition with Facebook’s Paper.