Flipboard acquires CNN's Zite for a reported $60 Million

Flipboard, an app that displays digital media in magazine-like form on tablets, is acquiring one of its smaller competitors, Zite, for a reported $60 million.

As part of the deal, Flipboard will get direct access to all CNN content, including video, as well as CNN personalities like Fareed Zakaria, John King and Jake Tapper will create their own magazines on the platform.

Flipboard did not confirm the purchase price, reported by CNNMoney, and CNN disputed it, but didn’t provide any further information. CNNMoney later revised its post to say the deal “could be valued as high as $60 million over time.”

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