Local.com Buys Daily Deals SiteMonday, July 11, 2011
Irvine-based Local.com Corp. continued to grow its daily deals business with its purchase of Screamin’ Media Group Inc.
Local.com, an online search engine for local business information, bought San Juan Capistrano-based Screamin’ Media for $12.5 million in cash, stock and debt.
Screamin’ Media shareholders could get another $20 million if certain performance measures are met within the next two years.
The deal officially closed July 8.
Screamin’ Media operates the Screamin’ Daily Deals web site, which offers daily coupons and other deals from local businesses in 14 markets including Orange County, Los Angeles, San Diego and others.
The company also operates a travel deals website.
Screamin’ Media reported $2.4 million in revenue last year and $4.4 million in revenue for the first six months of this year.
Screamin’ Media’s websites will now operate under Local.com’s Spreebird daily deals site brand.
Local.com’s buy is the latest push by the company into the daily deals business.
In May, the company launched its Spreebird daily deals site with offerings from businesses here and in Denver and Philadelphia.
Local.com’s plan is to eventually expand those deal offerings to 17 markets by the end of the year, the company’s Senior Vice President and General Manager Malcolm Lewis told the Business Journal in May.
Local.com’s entry into the daily deals business began with its purchase earlier this year of Los Angeles-based iTwango LLC, which helps advertisers email deals to consumers based on location.