Yahoo7, which is the product of a partnership between Yahoo and the Seven Network in Australia, is now also part of the group buying phenomenon. Yahoo7 announced today that it's acquired Spreets, a group buying site with 500,000 members.
Reports indicate that Spreets sold for $40 million - the same amount it's supposed to have saved consumers in the last year, coincidentally. Meanwhile, hard data confirms that Spreets is the biggest group buying site in Australia and New Zealand, despite being in business for just a year.
Otherwise, an official statement explained, "The Yahoo!7 business delivers a new audience to the Spreets site through distribution on the Yahoo!7 Network as well as access to the benefits provided in Australia and New Zealand through its joint venture partners Yahoo! Inc. and the Seven Media Group, including marketing and promotions."
So much more growth may soon occur.
This development is supposed to help Yahoo7 branch out in terms of local and social opportunities, and will introduce a new revenue stream to boot.
One last note: Yahoo7 isn't alone in this line of thought, as other group buying sites in Australia are backed by Microsoft and Amazon.