Groupon to Buy LivingSocial, Reports Another Loss
October 26 2016 - 05:20PM
Dow Jones News
Groupon Inc. agreed to buy fellow daily-deals provider
LivingSocial, uniting two top names in a sector that has
experienced some turmoil.
Groupon didn't disclose the deal value but said the
consideration isn't material.
Amazon.com invested at least $200 million in LivingSocial, and
said a year ago that it would close down its own coupon unit Local.
Amazon once valued LivingSocial at more than $1 billion, but that
slipped to $242 million at the end of 2014.
In addition to the deal, Groupon also reported a third-quarter
loss of $38 million, or 7 cents a share, compared with a year-ago
loss of $27.6 million, or 4 cents a share.
Revenue rose 1% to $720.5 million, and the company raised
full-year revenue guidance to the range of $3.075 billion to $3.15
billion. In July, it projected $3 billion to $3.1 billion.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
October 26, 2016 17:05 ET (21:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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