Just Announced: CNN Buys Zite
August 30, 2011
CNN has just announced its planned acquisition of the Zite Personalized Magazine for iPad. The official announcement came at 10:30 a.m. PDT.
First leaked days ago, the CNN/Zite deal means one of AppAdvice’s favorite news apps is going corporate.
Launched in March by Vancouver, Canada-based Worio, Zite is a free personalized news service that keeps track of a user’s reading patterns. Then, an algorithm formulates future news stories based on these patterns.
The end result is a constantly-changing news reader specifically geared towards the individual user.
According to a press release, KC Estenson, general manager of CNN Digital states:
“Zite represents the next generation of content discovery and personalized publishing and CNN wants to help lead in that space. We think we can advance the industry in a meaningful way that helps content creators grow their businesses while growing the distribution of a product that people already love. Zite’s technology can also be used to help CNN's Websites and apps serve more personalized content, making our current digital services even better.”According to Mark, Johnson, CEO of Zite:
“Zite is thrilled about combining forces with CNN to create a world-class news discovery platform. In CNN, we have found a partner who shares our vision and passion. Being part of the CNN family gives us the capital to grow Zite's business and continue to innovate in the space.”CNN is rumored to have spent between $20-25 million for the acquisition.