As the popularity of daily deal sites surges, Local.com Corp. acquired Screamin' Media Group, Inc., a firm that operates daily deals websites, including Screamin' Daily Deals, which launched in February 2010, and a related travel site. Screamin' Media generated $4.4 million in revenue during the first half of 2011. Under the acquisition terms, Screamin' Daily will assume Local.com's Spreebird brand.
Local.com operates a network of local search sites. It sustained losses during the first half of 2011 and its operating expenses increased. Its stock has fallen 42% so far this year. But current Screamin' Media shareholders may get up to an additional $20 million more over the course of the next 2 years.