Martin Korman, Wilson Sonsini Goodrich & Rosati partner
Martin Korman, Wilson Sonsini Goodrich & Rosati partner (Jason Doiy)

PALO ALTO — Palo Alto-based Flipboard Inc. tapped Wilson Sonsini Goodrich & Rosati for legal counsel in its acquisition of CNN’s magazine app Zite, which was announced this week. Zite largely handled the matter in-house, with help from Alston & Bird.

The price was not disclosed; the deal has been reported to be worth around $60 million, though some sources have pegged it as a stock transaction.

CNN had acquired the company in 2011 for about $25 million. In September 2013, Flipboard raised $50 million in venture funding, bringing its total raised to more than $60 million, at a valuation of $800 million.

Zite, which is headquartered in San Francisco, will be phased out over the next several months as Flipboard incorporates Zite’s features into its own service. Many of Zite’s employees will come aboard, but its CEO, Mark Johnson, wrote in a LinkedIn post that he would not be joining the company.

The Wilson Sonsini team included corporate/M&A partners Martin Korman and Rachel Proffitt and associates Melissa Carter, Aby Castro and Peter Volz; and IP and technology transactions partner Kira Kimhi and associate John McGaraghan.

Alston & Bird partner Aaron Dixon in Atlanta served as outside counsel to Zite.

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