While terms of the deal were not disclosed, there is speculation that Flipboard paid $60 million for Zite. CNN, though, is denying that this is the actual price of the transaction. As part of the deal, Flipboard will also use photographs and video from CNN. And additional magazines from the news network will launch on Flipboard over the following months.
CNN says it hopes to use Flipboard's expertise to bring in more revenue and expand CNN's mobile audience.
source: Flipboard via BusinessInsider