Online local media company Local.com this morning announced that it has acquired Screamin’ Media Group, the company behind Groupon clone daily deals site Screamin’ Daily Deals.
Local.com paid $12.5 million in cash, stock and debt, with the opportunity for the shareholders of Screamin’ Media Group to earn up to an additional $20 million if certain – no doubt high-end – financial performance criteria are met during the two-year period following the closing of the transaction.
Founded in early 2010, Screamin’ Daily Deals has approximately 60 employees serving “hundreds of thousands” of subscribers with deals from local merchants across 14 markets all over the United States. The company also recently launched travel deals.
The startup is said to have generated – unaudited – revenues of approximately $2.4 million in 2010 and $4.4 million during the first half of 2011.
Screamin’ Media Group will relocate to Local.com’s corporate headquarters in Irvine, California, where it will be absorbed by the latter’s group buying business unit Spreebird.
The startup’s three co-founders, formerly president, CEO and COO, will become Spreebird’s vice presidents of sales and marketing, product and operations, respectively.
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Local.com just entered a two-year agreement with Google to implement “certain advertising and search services,” according to a recent filing to the SEC, causing shares to jump.
Also read:
Local.com Buys Local Search Company Krillion For $3.5M, Debuts Daily Deal Service
Local.com Aims To Raise $15.5 Million In Public Offering
Local.com Buys Domain Advertising Company OCTANE360 For Up To $11M
