Sydney – Yahoo7, the joint venture in Australian between
Yahoo (NASD: YHOO) and local broadcaster Channel Seven, has announced it will acquire
Spreets, a daily deals group buying site with 500,000 members.

Financial terms
of the transaction were not disclosed.

"The acquisition helps Yahoo!7 to
deliver on its Local and Social strategies as well as providing further
diversification of revenue streams outside of display advertising," the
company said.

Founded in 2006, Yahoo7 last acquired for $17
million in 2009.


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