As reported earlier today, Amazon has taken a big stake in Groupon competitor LivingSocial. The investment amounts to $175 million--larger than expected--and will give Amazon some leverage in the fast-growing daily deals market to counter Google's expected acquisition of Groupon.
LivingSocial is the clear number-two player in the space, with more than ten million users..
The press release announcing the investment claims that LivingSocial is booking revenues of more than $1 million a day and is on target to book $500 million or more this year.
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See Also:
- LivingSocial's John Bax On Google's Near $6 Billion Bid For Groupon: "I Think They Are Underpaying"
- Amazon Set To Invest In LivingSocial At Multi-Billion Dollar Valuation
- Amazon And Groupon Partner In France As Acquisition Rumors Swirl
It's Official: Amazon Invests $175 Million In Living Social (AMZN)
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