CNN Acquires iPad Based Magazine Zite

CNN announced on Tuesday that it has acquired Zite, a dedicated e-zine built exclusively for the Apple iPad platform.

According to CNN’s disclosure about the deal, the acquisition of Zite will help the news outfit with a better reach amongst iPad users.

CNN, however refrained from revealing the financial aspect associated with the deal and neither did it disclose the future of the company’s own iPad app which it launched last year, in 2010.

“With over 100,000 downloads in the first week, incredible app usage and praise from users, it was clear Zite solved a basic problem: cutting through the clutter and personalizing information to users," Zite chief executive Mark Johnson wrote in a blog post.

"When I became CEO of Zite, I was faced with a difficult choice: take venture capital and race to build Zite into a viable business or join forces with a large company and work with a larger pool of resources,” he added.

The chief executive concluded by saying that the company decided to go ahead with the proposed acquisition of Zite after finding out a match between both the companies when it comes to passion and vision “for building an incredible discovery platform”.

Many believe that this acquisition might not go down well for Zite as the focus would be to get CNN to iPad users rather than improving Zite.