Idearc Media Corp., home to Superpages.com and publisher of the Verizon Yellow Pages, has acquired the LocalSearch.com URL and made a strategic investment in AmericanTowns.com, a national network of community-based websites where residents can find and share local content.
Under the terms of the URL acquisition, Idearc will receive ownership and all rights to the LocalSearch.com URL and domain name. Under the terms of the strategic investment, Idearc will receive an equity interest in AmericanTowns.com, including a seat on the AmericanTowns.com Board of Directors, and the companies will seek to share content, traffic and expertise. Chandler will represent Idearc on the AmericanTowns.com Board of Directors. The deal is expected to close in the third quarter of 2007 for cash of $3.3 million plus deferred purchase consideration.
AmericanTowns.com will use proceeds from this transaction to continue growing its database, which is projected to feature over 10 million local events this year, to develop new tools for community groups, and to further open each “community web space†to local contributions of relevant links, blogs and other resources.
Originally posted on September 12, 2007 @ 11:08 am