Flipboard has announced that it is acquiring CNN-owned Zite news reader app. The financial specifics of the deal are unknown however CNN is reporting that the deal could be worth as much as $60 million over time. To remind you, CNN itself had acquired Zite back in 2011 for around 20 million. Also, as a part of the deal, CNN will now available on Flipboard.
According to Zite blog, Zite will be available for around six more months, which is the time the Zite team is expecting to take in integrating Zite technology with Flipboard, following which Zite will shut down.
“Our goal is to get the things that are great about Zite into Flipboard before shutting it down. We will also build a way for you to transition your data from Zite into Flipboard. Until then (for six months at a minimum), we will continue supporting Zite. Our users mean the world to us; after all, what Flipboard saw in us, you saw first. We hope you come with us and help us shape the future of news,” Mike Klaas, Co-founder and CTO, Zite noted in the blog post.
“We acquired Zite from CNN to address something we’ve heard from a lot of you: although you can already read thousands of sources from over 20 regions on Flipboard, you want easier and better ways to discover content about the things that matter to you. Adding Zite’s expertise in personalization and recommendations to Flipboard’s product experience and powerful curator community will create an unparalleled personal magazine for our millions of readers,” Mike McCue, CEO, Flipboard wrote in a blog post.