Flipboard is acquiring Zite from CNN, forming broad advertising and content partnership with news and media giant

Gigaom

Flipboard announced Wednesday morning that it is acquiring Zite, a competing news-recommendation and content-sharing app currently owned by CNN, and will use that acquisition to create a broad advertising and content partnership with the news giant.

The two companies didn’t release the financial details of the acquisition. A report by CNN Money said the deal was worth $60 million, but a CNN source who asked to remain anonymous later said that this figure was „inaccurate.“ The source refused to provide an accurate number, however.

CNN originally acquired Zite in 2011 for $20 million. The two companies said that the Zite team of about 20 people in San Francisco will move over to join Flipboard in Palo Alto, except for founder Mark Johnson, who wrote on LinkedIn that he is leaving to pursue other opportunities.

In a prepared statement released after the deal was announced, CNN Digital general manager KC…

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