Flipboard and Twitter are discussing a potential acquisition deal

Flipboard is pretty much an essential tool for social network power users, and if you’ve never given the app a shot, you really should. It basically collects content from your favorite websites and presents it to you in magazine format, allowing you to “flip” through all of your feeds, so long as the website is partnered with Flipboard. Twitter is one such company that has partnered with Flipboard, and if a report from Re/code is to be believed, the two companies have been discussing an all-stock deal that would see Twitter acquire the aggregation service.

Twitter has been engaged in an ongoing series of talks to acquire Flipboard, according to multiple sources with knowledge of the situation, in an all-stock deal that would value the company at over $1 billion. Those discussions, which have been pushed by Twitter CFO Anthony Noto, have been taking place since the beginning of the year, said sources, as the social communications giant has faced increasing pressure from Wall Street to grow its audience and innovate its products. But despite a flurry of activity more recently, sources said these talks between Twitter and Flipboard — who are partners on a number of different fronts — seem to be currently stalled. Still, the concept behind the acquisition are intriguing on all kinds of levels. For Twitter, it would bring an experienced product team — headed by well-known Silicon Valley entrepreneur Mike McCue — to the company. McCue has previously been a Twitter board member, who stepped down due to the increasing competition between Flipboard and the service he co-founded. With a reputation as a product genius in Silicon Valley, he would also be an obvious heir apparent to CEO Dick Costolo, who has been under siege from investors over the last six months.