Beijing, April 16, according to foreign media reports, confirmed, rapid development of daily site LivingSocial group purchase services just get us $ 400 million in financing and now acquired long troubled advertising SocialMedia. Price is only $ 3 million, all Living Stock shares cashed. It is unfortunate, SocialMedia have previously obtained from Marc Andreessen, Charles River Ventures (Charles River Ventures), Naval Ravikant and Jeff Clavier investment of us $ 10 million.
SocialMedia is now perhaps the most valuable part is the domain name. But two years ago, the company is ready to cancel the domain name. It was the first to use friends photos in advertising create a Facebook ad network company, one of the 2008 revenue at US $ 15 million in 2009, almost US $ 25 million. There are rumors that Facebook had tried to buy SocialMedia, but was turned down. Shortly thereafter, Facebook is threatening to take legal means to punish their acts contrary to the privacy policy.
the acquisition of the most interesting part is not SocialMedia successfully completed the soft landing, but the transaction is in the process of negotiations revealed LivingSocial finance, equity information. SocialMedia received Living Social 545,000 shares of common stock, this means that existing about LivingSocial 520 million shares, and those of recent e preferred stock round of financing to $ 5.65, valuation of the company reached $ 2.9 billion.
