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The latest project of Google (dubbed propeller according to company insiders) is a social magazine news app, which will target highly successful Flipboard iPad app. Flipboard app reformats the content that is shared on facebook and twitter into an interactive digital magazine. It was named as the iPad app of the year in 2010 and recently it has received $50 million in funding and $200 million valuation.

Recently, Google attempted unsuccessfully to buy Flipboard. Google threatened to build their own version of the social magazine app if Flipboard rejected their offer. Flipboard joined Yelp, Groupon and several other companies who have chosen to remain independent refusing Google’s acquisition.

Reportedly, Google is planning on releasing versions of the app for both Apple’s iPad and Google’s Android tablets. The kind of data that will be available on the propeller is unclear as Google and Facebook have not been able to reach data agreement.

However, Google owns Google News, the most popular news destination of the world. Undoubtedly attempt to use their worldwide network of content and large user base to capture market share from Flipboard and other competitors.

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