Flipboard is taking Zite off CNN’s hands.
CNN acquired Zite, which was born in Vancouver, for $20 million in 2011. Flipboard is valued at up to $800 million, based on a $50 million funding round raised last year by the company.
The terms of the deal will see Flipboard ink a content partnership with CNN, according to TechCrunch, and Zite will be dismantled over time.
Zite evolved from technology developed at UBC and the company was a poster boy three years ago for government programs with grants from Canada’s National Research Council and PRECARN.