Idearc Media Acquires LocalSearch.com URL; Makes Strategic Investment in AmericanTowns.com
DALLAS, Sep 12, 2007 (BUSINESS WIRE) --
Idearc Media Corp., home to Superpages.com(R) and publisher of the Verizon(R) Yellow Pages, has acquired the LocalSearch.com URL and made a strategic investment in AmericanTowns.com, a national network of community-based websites where residents can find and share local content.
Under the terms of the URL acquisition, Idearc will receive ownership and all rights to the LocalSearch.com URL and domain name. Under the terms of the strategic investment, Idearc will receive an equity interest in AmericanTowns.com, including a seat on the AmericanTowns.com Board of Directors, and the companies will seek to share content, traffic and expertise. Chandler will represent Idearc on the AmericanTowns.com Board of Directors.
The deal is expected to close in the third quarter of 2007 for cash of $3.3 million plus deferred purchase consideration.
ABOUT Idearc Inc.: (NYSE:IAR)
Idearc Inc., connects buyers and sellers with its multi-platform of advertising solutions including Verizon(R) Yellow Pages, Verizon(R) White Pages, smaller-sized portable Verizon(R) Yellow Pages Companion Directories, Superpages.com(R), Superpages Mobile(SM), Solutions At Hand(TM) magazine, Solutions at Home(TM) magazine, and Solutions on the Move(TM) and Solutions Direct(TM) direct mail packages. Idearc provides sales, publishing and other related services for more than 1,200 distinct directory titles in 35 states and the District of Columbia. Superpages.com, the expert in local search with more than 2.8 billion network searches and 18 million business listings in the United States in 2006, offers advertisers a variety of online advertising solutions. Superpages Mobile provides local search functionality for wireless subscribers. For more information, visit
www.idearc.com.
About AmericanTowns
AmericanTowns is a national network of community-based websites where residents can find and share local information, and includes the nation's most extensive online database of community events, community groups, local resources and special tools for organizations. For each of 10,000 US towns (total population: 190 million), AmericanTowns has created a "community webspace" to connect citizens, community organizations and locally-focused businesses and to strengthen the bonds of our nation's communities. AmericanTowns is projected to feature more than 10 million community events in 2007, plus powerful tools to help more than 90,000 listed community organizations interact more effectively with local citizens. Founded in 2000, AmericanTowns is headquartered in Fairfield, Connecticut. Visit
www.AmericanTowns.com.