Flipboard Acquires Vancouver-born Zite from CNN for up to $60 Million

Posted by Techvibes NewsDesk

Flipboard is taking Zite off CNN's hands.

A source cited in Bloomberg suggests the deal involved no cash, with CNN taking an equity stake in Flipboard. A report from CNN is offering up a transaction value "as high as $60 million."

CNN acquired Zite, which was born in Vancouver, for $20 million in 2011. Flipboard is valued at up to $800 million, based on a $50 million funding round raised last year by the company.

The terms of the deal will see Flipboard ink a content partnership with CNN, according to TechCrunch, and Zite will be dismantled over time.

Zite evolved from technology developed at UBC and the company was a poster boy three years ago for government programs with grants from Canada’s National Research Council and PRECARN.

 

Company:
Zite
Website:
http://www.zite.com
Location:
Vancouver, British Columbia, Canada

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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more



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