Zite, an app that creates a personalised magazine based on your interests, is about to be acquired by CNN for $20-$25 million, Techvibes.com reports.
Zite CEO Mark Johnson wouldn’t comment on the story.
While Flipboard builds publications based on the recommendations of your social networks, Zite focuses on individual preferences.
It claims to build a “personalised iPad magazine that gets smarter as you use it.”
Zite, founded with $4 million in Angel funding, might be selling at the right time. The “personalised” iPad magazine is astoundingly crowded. There’s Flipboard, Pulse, AOL’s Editions, Yahoo’s Livestand and the New York Times is working with BetaWorks on News.me.
Then again, Zite could be selling too early, and too cheaply. For some context, Flipboard raised $50 million in funding in April at a $200 million valuation. If Zite had a chance to grow into a company like Flipboard, it could be worth a lot more than $25 million.
A short video about Zite is below.
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