Wednesday, September 12, 2007

Idearc Buys URL, Invests $3.3M in AmericanTowns.com

Idearc Media Corp., operator of Superpages.com and publisher of the Verizon Yellow Pages, revealed Wednesday that it has acquired the LocalSearch.com URL and invested $3.3 million in cash in AmericanTowns.com, a national network of community-based Web sites where residents can find and share local content. Under the terms of its URL acquisition, Idearc will receive ownership and all rights to the LocalSearch.com URL and domain name. As a result of its strategic investment, Idearc said it has obtained an equity interest in AmericanTowns.com and a seat on that company's board of directors. Eric Chandler, president of Idearc's Internet operations, will represent Idearc on the board, the Dallas-based company explained. Idearc added that it expects its AmericanTowns.com investment, which also includes a deferred purchase consideration, will close later this quarter.