CNN is selling its news reader app Zite to Flipboard for upwards of $60 million
CNN announced Wednesday it was selling off its news reader app Zite to the popular social magazine Flipboard.
As part of the deal, Flipboard will team up with CNN to package together news magazine content for its shows featuring Fareed Zakaria, Jake Tapper, and John King. Flipboard, which turns web pages into an online magazine users can “flip” through, has been downloaded by over 85 million people on many various platforms including mobile and touch screens.
CNN bought Zite three years ago for approximately $20 million. CNN content will be integrated into Flipboard, covering over 300 feeds.
The cable news network announced it won’t add any more development to Zite and will be shutting it down, TechCrunch reports. Around 20 people from Zite in San Francisco will join Flipboard’s offices in Palo Alto.