Flipboard, the magazine-style news reading app, is buying competitor Zite from CNN, the companies announced Wednesday.
The deal includes an advertising partnership between CNN and Flipboard, which will phase out Zite as a standalone app while adding the Zite recommendation technology into the Flipboard app. The majority of the Zite team, sans CEO Mark Johnson, will join Flipboard.
Neither CNN nor Flipboard would discuss the financial details of the purchase. CNN's news team is reporting that the deal is worth $60 million, but a CNN spokesman said, "While we're not sharing the terms of the deal, the … Read more