LivingSocial Acquires Stake in Europe's Let's Bonus

LivingSocial has acquired a majority stake in Let’s Bonus, which operates a daily deals site in Spain, Italy, Portugal, Argentina and Mexico. With the stake, LivingSocial now offers steep discounts via email for spas, restaurants and other services in more than 170 markets, serving 16 million subscribers in 10 countries, compared to its archrival, Groupon, which serves 50 million subscribers in 40 countries. LivingSocial did not disclose how much it paid or how big of a stake it purchased. The company recently raised more than $180 million in capital from Amazon and others.


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The problem with the Billionaire Savior phase of the newspaper collapse has always been that billionaires don’t tend to like the kind of authority-questioning journalism that upsets the status quo.

— Ryan Chittum, writing in the Columbia Journalism Review about the promise of Pierre Omidyar’s new media venture with Glenn Greenwald