Flipboard Just Bought CNN's News Reader App Zite For $60 Million

Popular news reader application Flipboard has acquired a similar app made by CNN, Zite, in a $60 million deal. CNN's Laurie Segall just broke the news.

Together,Flipboard and CNN will create e-magazines for some of CNN's shows. But they'll be combatting a slew of competitors which include Facebook's new app, Paper.

"By bringing the Zite team and technology to Flipboard, we can deliver an even more personalized experience to every Flipboard reader," Flipboard's Mike McCue said in a release.