Flipboard Is Buying Zite From CNN For $60M, Putting All Of CNN Worldwide On Flipboard

This just in: Flipboard is buying Zite from CNN, which acquired the site three years ago. As part of the deal, it will integrate CNN content on to Flipboard, covering over 300 feeds.

The move is a sign of ongoing consolidation in the space and comes in the wake of Facebook launching a Flipboard competitor called Paper. It’s also a signal of how Face

Terms of the deal were not disclosed on the call but CNN is reporting it as $60 million.

“Flipboard has proven to be one of the biggest drivers of traffic so syndicating out content into Flipboard will see us creating custom magazines for our shows and talent,” CNN’s head of digital KC Estenson said today.

Flipboard is also inking a new advertising partnership, “the kinds of advertising you see in print magazines,” Estenson said.

More to come.