Flipboard Just Bought CNN's News Reader App Zite For $US60 Million

Popular news reader application Flipboard has acquired a similar app owned by CNN, Zite, in a $US60 million deal. CNN’s Laurie Segall just broke the news.

Zite was acquired by CNN in 2011 for a little more than $US20 million.

Together,Flipboard and CNN will create e-magazines for some of CNN’s shows. But they will be combatting a slew of competitors which include Facebook’s new app, Paper.

“By bringing the Zite team and technology to Flipboard, we can deliver an even more personalised experience to every Flipboard reader,” Flipboard’s Mike McCue said in a release.

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