Flipboard Acquires Vancouver-born Zite from CNN for up to $60 Million

Flipboard is taking Zite off CNN’s hands.

A source cited in Bloomberg suggests the deal involved no cash, with CNN taking an equity stake in Flipboard. A report from CNN is offering up a transaction value “as high as $60 million.”

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.