Why Mark Johnson sold Zite to CNN for $20 million: ‘We found the best of both worlds’

Techvibes first sparked the edcuated rumour that Vancouver startup Zite, an iPad app, was about to be acquired by CNN for $20 to $25 million. 

We were then the first to break the news that it was indeed official. While the price wasn’t revealed intiially, as it turns out our sources wer bang on: the company was acquired for $20 million.

The Wall Street Journal today interviewed CEO Mark Jonhson, asking “why?” Mark replied by saying it was the best of both worlds. Zite could retain its integrity while gaining CNN’s financial resources and expertise in mobile media. With CNN’s capital, Zite plans to launch its app on other platforms while remaining independent.