Zite, a San Francisco-based news app for the iPad that gives users a personalized magazine-like experience, has been acquired by CNN.
Zite is an iPad app that provides an individually personalized experience surfacing content that users will find most interesting from a variety of sources across the Web. CNN has added the company to its portfolio of digital products as a separate, stand-alone business.
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Commenting on the deal, Mark Johnson, CEO of Zite, said: “…Being part of the CNN family gives us the capital to grow Zite’s business and continue to innovate in the space”.
Johnson will continue to run the company’s daily operations and will report to Estenson.
Founder Ali Davar will stay on board as Executive Director.
Mike Klass will continue to lead Zite’s technology R&D as CTO.
Zite, which will be a wholly owned subsidiary of CNN, also operates offices in Vancouver, British Columbia.
FinSMEs
30/08/2011