Zite, a magazine app from CNN, was bought by Flipboard today. This was according to an announcement made by Flipboard said TheVerge. Starting today, the content from CNN would be transferred into Flipboard's database. The company did not disclose how much they paid for the acquisition transaction. However, a USD60 million price tag was reported by CNNMoney. During the mid-2011, CNN paid around USD25 million for its acquisition of the magazine app.
According to Flipboard, they will stop updating the app. Instead, they would add some of its features to Flipboard. According to CNN's digital head KC Estenson, "Flipboard has proven to be one of the biggest drivers of traffic so syndicating out content into Flipboard will see us creating custom magazines for our shows and talent. In addition, Flipboard also announced that it would soon debut new full-page brand ads to its users built around CNN content. "[It's] the kinds of advertising you see in print magazines."
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