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Yahoo!7 buys group buying site Spreets
Stuart Corner
Thursday, 20 January 2011 10:17
Yahoo!7 has bought Australian online group buying company, Spreets Pty Ltd, along with its New Zealand operations for an undisclosed sum.
Yaho!7 said it would deliver a new audience to the Spreets site through distribution on the Yahoo!7 network and provide marketing and promotion through its joint venture partners Yahoo! and the Seven media group.
Yaho!7 CEO, Rohan Lund, said: "The acquisition helps Yahoo!7 to deliver on its local and social strategies as well as providing further diversification of revenue streams outside of display advertising. After carefully reviewing the market it was clear that Spreets is a market-leader in what is becoming a highly competitive and fast growing market."
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