In this case, you will have 2 settings.py files with settings_A.py and settings_B.py parameters that indicate from settings import *
A would have SITE = 1 and B would have SITE = B. You can set these files in your apache configurations by setting the environment variable for each virtual host DJANGO_SETTINGS_MODULE = settings_A and DJANGO_SETTINGS_MODULE = settings_B
Then you will create a contrib.sites application with your two domain names attached to the corresponding site identifier, and your flat pages will be able to link to one or both sites.
Finally, in the_A.py settings_B.py settings, you either specify the individual root urlconfs, or use your .SITE settings in your urlconfs to enable and disable URL groups for each site.
Hope this helps
EDIT: To clarify: as long as you use the same database and SECRET_KEY between both sites, you can use the same user accounts between them. If the sites are in the form of example.com and private.example.com, setting SESSION_COOKIE_DOMAIN to .example.com will allow the session to be transferred between both sites.
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