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December 2, 2010
AMAZON.COM INVESTS $175 MILLION INTO LIVINGSOCIAL.COM
Amazon.com Inc (AMZN.O) is investing $175 million in online coupon company LivingSocial, a preemptive strike against Google Inc (GOOG.O) which a source has said is looking to buy Groupon, another coupon provider. LivingSocial said on Thursday it also secured an $8 million investment from Lightspeed Venture Partners, adding that it will use the funds to grow its business worldwide. LivingSocial said it is currently booking revenues of more than $1 million a day on average and expects well over $500 million in 2011. Search engine leader Google is talking to Groupon about an acquisition, a source familiar with the situation said on Wednesday.
AMAZON.COM INVESTS $175 MILLION INTO LIVINGSOCIAL.COM
Amazon.com Inc (AMZN.O) is investing $175 million in online coupon company LivingSocial, a preemptive strike against Google Inc (GOOG.O) which a source has said is looking to buy Groupon, another coupon provider. LivingSocial said on Thursday it also secured an $8 million investment from Lightspeed Venture Partners, adding that it will use the funds to grow its business worldwide. LivingSocial said it is currently booking revenues of more than $1 million a day on average and expects well over $500 million in 2011. Search engine leader Google is talking to Groupon about an acquisition, a source familiar with the situation said on Wednesday.
Reuters
