Zite has traded hands again, three years after CNN bought it for $20 million. Flipboard now is acquiring the service, CNN reported, initially pegging the new sale price at $60 million. It later backed away from that figure, calling it “inaccurate.” The transaction is a multi-stage deal in which CNN gains an equity stake in Flipboard, according to unnamed sources. Whatever its current valuation is, Zite is almost unrecognizable from its early days as a news aggregator that customized feeds based on a user’s Twitter and Google Reader activity.
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Flipboard Gets Its Hands on Zite
Posted by: Erika Morphy March 5, 2014 01:59 PMZite has traded hands again, three years after CNN bought it for $20 million. Flipboard now is acquiring the service, CNN reported, initially pegging the new sale price at $60 million. It later backed away from that figure, calling it “inaccurate.” The transaction is a multi-stage deal in which CNN gains an equity stake in Flipboard, according to unnamed sources. Whatever its current valuation is, Zite is almost unrecognizable from its early days as a news aggregator that customized feeds based on a user’s Twitter and Google Reader activity.