Zite, a news reader application that aggregates content for tablets like Apple Inc's iPad, which came out in 2011, has been bought by Time Warner Inc's CNN for around $20 million, according to reports at the time. Flipboard co-founder and Chief Executive Officer Mike McCue said Zite's technology and recommendation engine, which helps readers discover content, were what drew Flipboard to the deal.

As part of the deal, Flipboard will incorporate CNN content into its news reader and team up with the network to sell advertising.

The Flipboard app enables people to create and curate their own digital magazines or follow other people's magazines by areas of interest, incorporating a wide range of content, including Twitter and Facebook posts as well as traditional news articles.