MAGAZINE STYLE NEWS READING APP Flipboard announced on Wednesday that it has acquired rival application Zite from CNN for an undisclosed sum.
Zite, much like Flipboard, is a news reader app for iOS and Android, and Flipboard announced today that it has "partnered" with CNN to buy Zite from the news outlet, which has owned it since 2011. It's still unclear how much cash Flipboard handed over for Zite, but CNN coughed up $20m to buy it three years ago.
Once the deal has been finalised Zite will no longer operate as a standalone app, with its personalization technology and recommendation engine instead set to be integrated into Flipboard.
A description on Zite's website explains, "Zite evaluates millions of new stories every day, looking at the type of article, its key attributes and how it is shared across the web."
This sees Flipboard adding to its software technology ahead of the global rollout of Facebook Paper, an app from the social network that clearly mimics the magazine style app.
Mike McCue, CEO of Flipboard said, "Today marks an important milestone for Flipboard and its readers. By bringing the Zite team and technology to Flipboard, we can deliver an even more personalized experience to every Flipboard reader. By partnering with CNN we can provide the world-class news our audience expects and expand our global coverage in a significant way.
"Together we will continue to pioneer how people read and share the content they care about and give Flipboard readers even more of what they want, all in one place."
KX Estenson, SVP and GM of CNN Digital added, "More than a leader in mobile reading, Flipboard has created an incredibly immersive and valuable advertising experience.
"By tapping their expertise, we will create new revenue opportunities and expand CNN's already massive mobile audience. With this deal CNN is invested in the long term success of Flipboard." µ
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