March 12, 2012 / 2:08 PM / in 6 years

CNN in talks to buy social media news site Mashable: source

(Reuters) - CNN is in talks to buy social media news site Mashable for more than $200 million, according to a source familiar with the discussion.

Pete Cashmore, CEO and founder of Mashable, accepts the Best Business Blog award at the Webby Awards in New York June 14, 2010. REUTERS/Lucas Jackson

Reuters’ blogger Felix Salmon said the deal could be announced as soon as Tuesday, although another person familiar with the matter said it was not likely to be announced this week.

Mashable covers and aggregates a wide range of news related to the fast-evolving social media and Internet sector covering companies ranging from start-ups to larger players including Facebook and Twitter.

CNN spokeswoman Christa Robinson, commenting on the Mashable reports said: “We do not engage in speculation about our business and we aren’t commenting on these reports.”

A Mashable spokesperson was not immediately available.

Like other mainstream news outlets CNN, which is owned by Time Warner Inc, has been trying to evolve its business to compete more effectively in the Web-based social media age.

Last August CNN bought Zite, a news application for the iPad, designed to give users a personalized magazine-like experience.

Reporting By Yinka Adegoke; Editing by Maureen Bavdek

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