CNN today announced it has acquired Zite, a personalized magazine iPad app. The price of the deal has not been disclosed but is rumored to be between $20 million and $25 million.
Zite curates content for users based on individual preferences and delivers content and stories that interest users the most.
Zite will remain a standalone entity and will operate as a subsidiary to CNN. Zite CEO Mark Johnson will continue to run the day-to-day operation for Zite. It is reported that he will report to KC Estenson, GM of CNN Digital.
As PRWeek reported in May Zite has been successful since the day of its launch, when it secured the top spot among iTunes' free news apps. Within five days of launching, the app was downloaded 120,000 times.