CNN Sells Zite to Flipboard for $60 Million

CNN Sells Zite to Flipboard for $60 Million

CNN has sold its news reader app, Zite, to Flipboard. As a part of the deal, Flipboard will team up with CNN to launch custom magazines for various CNN shows. The deal could be valued at $60 million over time.

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Flipboard CEO Mike McCue said:

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

CNN originally purchased Zite in 2011 for $20 million in the hopes of strengthening its presence in mobile.

[via Flipboard]

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