Reports that came out last night, confirmed the culmination of the ongoing deal between Twitter, the online social networking service and Flipboard, the magazine-format mobile app.

Twitter enables users to send and read short, 140-character messages called 'tweets'. It is a great platform to track breaking news and with Flipboard's cool interface, it would be able to ensure enhanced user experience.

Flipboard, founded in 2010, collates content shares on social networking circles and is thus, a social-network aggregation tool. It presents the content in the form of a magazine, in more than 20 languages and allows users to 'flip' through their social-networking feeds and feeds from websites that have collaborated with the company. As of May 2015, it had 65 million monthly active users, a 15 million increase from February.

The current deal between Twitter and Flipboard, which had been stalled since April, was finally settled at a price of $1 billion. According to the Wall Street Journal, the CFO of Twitter, Anthony Noto, had been trying to crack the deal since 2014.

This delay might have cost the company dear, as Google and Yahoo too, were keen on acquiring the news reader app. They were in discussions with the creators of the app, looking out for ways to integrate Flipboard's technology into their products. However, both the deals did not see the light of the day, as the companies could not settle a price.

This move by the three rivals comes in the wake of increased competition in the virtual media landscape. The fact that only the fittest would survive in this clash among equals, have had rivals such as Facebook Inc and Snapchat, form alliances with publishers to show more content within their applications.