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CNN Acquires iPad App Developer Zite

CNN has acquired technology company Zite, a developer of a news app for Apple's iPad that provides a personalized "magazine-like" experience.

Terms of the deal were not disclosed. Last week, blog site TechVibes reported that CNN was in talks to acquire Zite for $20 million to $25 million.

San Francisco-based Zite -- which has fewer than 10 employees -- will become a wholly-owned subsidiary of CNN.

The Zite application, available for free on the iPad, provides news content tailored users from a variety of sources across the Web by analyzing preferences.

In March 2011, Zite received a cease-and-desist letter from a group of media companies -- including Time Warner Inc. (parent of CNN), The Washington Post, AP, Dow Jones and Getty Images -- asserting that the startup was "misappropriating" their intellectual property.

Click here to read the full story at Multichannel News.