Idearc Media, a publisher of online directories, including Superpages.com has purchased the LocalSearch.com URL and made a strategic investment in AmericanTowns.com, a virtual town square for community based news and information. The deal will be completed in the third quarter of 2007 for $3.3 million.
“With the evolution of the Internet space from an Internet Yellow Pages model to a local search model, the value of the LocalSearch.com URL is enhanced. This asset affords us the opportunity to develop a pure local search site through which we can further monetize our performance-based advertiser commitments in addition to Superpages.com,” said Eric Chandler, President – Internet for Idearc Media.
Under the terms of the deal, Idearc will receive ownership and all rights to the LocalSearch.com URL and domain name. With the strategic investment Idearc will receive an equity interest in AmericanTowns.com and the companies will share content and traffic.
AmericanTowns will use proceeds from this transaction to grow its site and add more new tools for community groups.
“Our relationship with Idearc provides AmericanTowns.com a strategic relationship with a premier local search portal that clearly moves quickly and understands the local space. Idearc’s extensive business information and related capabilities are a perfect complement to our community information and focus,” said Ted Buerger, Chairman, AmericanTowns, LLC.