Palo Alto-based tablet content and news reader software developer Flipboard said Wednesday that it is acquiring Zite, the news reader application owned by CNN. Financial terms of the acquisition were not disclosed. CNN's Zipe runs on iOS and Android, and was being used to deliver CNN's content to readers. As part of the deal, the two said that CNN will take advantage of Flipboard's technology and mobile sales, to help CNN expand its mobile reach. CNN's content is now being featured in the News, Entertainment, Technology and Business sections on Flipboard.