Gannett confirmed Tuesday (July 8) that it had acquired all the ownership stakes Tribune and The McClatchy Co. had in ShopLocal.com, a searchable online Web site for local retail sales. McClatchy sold its 15 percent stake for $7.875 million. Tribune, which had a 42.5 percent stake, did not disclose terms, but its stake had been valued at about $33 million.
ShopLocal will work in tandem with Gannett's PointRoll, to create ads that connect retail advertisers and consumers, both online and in-store.
"Only Gannett can combine the tools and innovation of ShopLocal with the marketing and creative acumen of PointRoll. This unique synergy will allow us to supercharge our ad services business and deliver more value to our customers," said Jack Williams, president of Gannett Digital Ventures.
Both Tribune and McClatchy are strapped for cash. The companies remain partners with Gannett in several ventures, including CareerBuilder, Classified Ventures and Topix.et. Tribune and Gannett also jointly own Metromix, a national network of local entertainment Web sites, and are partners in quadrantOne, an online ad venture.
ShopLocal is one of a handful of local Web sites designed to help consumers find products closest to home. Others include Krillion, BrandHabit, and NearbyNow.