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Flipboard Purchases Newsreader App Zite From CNN

Under the terms of the deal, Flipboard and CNN will also enter a long-term news partnership.

Flipboard Purchases Newsreader App Zite From CNN

[Image: Flipboard]

Flipboard, the very pretty digital content aggregator, has purchased Zite, a smaller but also very pretty digital content aggregator, from CNN for an undisclosed sum. The deal was announced today in a conference call.

CNN Money, however, reports that the deal is valued at $60 million. According to FlipBoard CEO Mike McCue, Zite's operations will cease, and its customizable curation technology will be integrated into Flipboard's news platform. Furthermore, Zite CEO Mark Johnson will not be joining Flipboard, although the company's engineering team will.

"We're really trying to create a platform for content to thrive digitally," said McCue. "That includes how the content is designed and packaged."

Flipboard also announced a new long-term and multi-faceted partnership with CNN to syndicate the news network's content. Under the terms of the agreement, CNN personalities like Fareed Zakaria and Jake Tapper will curate their own digital magazines that Flipboard users will be able to subscribe to.

The partnership aims to drive mobile ad dollars as Flipboard explores new ways to generate revenue, whether that comes in the form of magazine-style print ads with a digital twist, or attractive shopping catalogs for users to peruse and make purchases from.