MERGERS AND ACQUISITIONS
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Local.com acquires Screamin’ Daily Deals
The Irvine-based media company purchases the San Jan Capistrano-based daily shopping website for $12.5 million.
By Karly BarkerPublished: July 11, 2011 12:09 PM
Irvine-based Local.com announced early Monday morning that it has acquired Screamin’ Media Group (SMG) for $12.5 million in cash. The media firm, based in San Juan Capistrano, operates Screamin’ Daily Deals (SDD), which offers online shoppers daily specials on discounted merchandise.
“Local.com has a considerable array of assets that we believe we can leverage, including reach of over 20 million consumers each month through its flagship property, plus a distribution network of over 1,400 regional media sites,” said Benson Kane, co-founder of SMG. “We are very pleased to be joining forces with Local.com to deliver daily deals to an even broader audience of consumers, thereby expanding our ability to engage and serve even more local communities nationwide.”
SMG is now a subsidiary of Local.com and will relocate to the company’s Irvine headquarters. SDD will be absorbed by Local.com’s social-buying business, Spreebird. As part of the acquisition, SDD’s three co-founders will become Spreebird’s vice presidents under the company’s current social-buying senior vice president and general manager, Malcom Lewis.
Under the terms of the agreement, Local.com acquired SMG with the opportunity for the current shareholders to earn up to an additional $20 million if certain financial performance criteria are met during the two-year period following the closing of the deal.
“The acquisition of SMG serves our mission of connecting brick-and-mortar merchants with online consumers by extending our reach directly to thousands of local merchants in 14 markets,” said Heath Clarke, Local.com chairman and CEO. “This transaction diversifies our revenues and provides us with a new way to engage consumers.”
Related headlines
Screamin’ Daily Deals donates $400,000 to local schools and nonprofits
Screamin’ Daily Deals buys DealPerk.com
Buy.com teams up with CPO Outlets
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“Local.com has a considerable array of assets that we believe we can leverage, including reach of over 20 million consumers each month through its flagship property, plus a distribution network of over 1,400 regional media sites,” said Benson Kane, co-founder of SMG. “We are very pleased to be joining forces with Local.com to deliver daily deals to an even broader audience of consumers, thereby expanding our ability to engage and serve even more local communities nationwide.” SMG is now a subsidiary of Local.com and will relocate to the company’s Irvine headquarters. SDD will be absorbed by Local.com’s social-buying business, Spreebird. As part of the acquisition, SDD’s three co-founders will become Spreebird’s vice presidents under the company’s current social-buying senior vice president and general manager, Malcom Lewis. Under the terms of the agreement, Local.com acquired SMG with the opportunity for the current shareholders to earn up to an additional $20 million if certain financial performance criteria are met during the two-year period following the closing of the deal. “The acquisition of SMG serves our mission of connecting brick-and-mortar merchants with online consumers by extending our reach directly to thousands of local merchants in 14 markets,” said Heath Clarke, Local.com chairman and CEO. “This transaction diversifies our revenues and provides us with a new way to engage consumers.” Related headlines Screamin’ Daily Deals donates $400,000 to local schools and nonprofits Screamin’ Daily Deals buys DealPerk.com Buy.com teams up with CPO Outlets |
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