LOS GATOS, CA--(Marketwire - Nov 13, 2012) - Wanderful Media™, a new digital local discovery shopping company based in Silicon Valley, announced the acquisition of iCircular from The Associated Press (AP). Wanderful Media's mission is to connect retail advertisers with millions of local consumers wherever and however they shop. The company acquired iCircular to broaden its products for mobile devices and tablets. The acquisition closed Oct. 30, 2012.
Backed by a powerful group of media publishers to reinvent discovery shopping from web to mobile, Wanderful Media recently entered the market to help retail advertisers reach millions of consumers in more than 80 percent of U.S. markets. Wanderful Media already owns and operates the Find n Save® brand of more than 275 local online discovery shopping sites covering 47 of the 50 top designated market areas (DMAs).
The iCircular pilot was launched by AP to bridge the digital gap by delivering the traditional weekly circular on mobile devices within trusted local news sources' applications and mobile websites. The successful pilot included more than 180 publications and 21 nationwide retailers, and has produced important insights into consumer engagement and interest in mobile circulars.
"Wanderful Media represents the largest industry-backed media company focused on local discovery shopping," said Ben T. Smith, IV, CEO of Wanderful Media. "We are building a new market approach, one that simply and seamlessly connects advertisers with millions of motivated buyers, and taps into social and mobile technologies to support the experience of discovery shopping from awareness to execution. We're making a big bet on mobile, and the addition of iCircular into our product roadmap will benefit media partners, advertisers and consumers alike."
"AP has a long history of driving innovation in the industry and helping advance the mission of our member newspapers," said Gary Pruitt, President and CEO of AP. "The iCircular pilot provided deep insight into how digital circulars could help newspapers generate revenue and connect to consumers in an evolving marketplace. Wanderful Media has strong support from the industry and the market experience to take the concept forward and put it into widespread use."
Details Regarding the Proposed Acquisition
The acquisition of iCircular closed on Oct. 30, 2012, subject to customary closing conditions. The transaction is not expected to have a material impact on revenues.
#SiliconValley @WanderfulMedia acquires @iCircular from @AP http://bit.ly/UrsZfL #digital #advertising
About Wanderful Media
Wanderful Media is a Silicon Valley company reinventing local discovery shopping. Providing reach into more than 80 percent of U.S. markets through trusted media brands, Wanderful Media helps retailers bring consumers into local stores and gives consumers the most convenient way to discover local merchandise. The company is backed by a powerful group of media companies including Advance Digital, A. H. Belo Corporation, Community Newspaper Holdings Inc., Cox Media Group, The E. W. Scripps Company, Gannett Co., Inc., GateHouse Media, Inc., Hearst Corporation, Lee Enterprises, MediaNews Group, The McClatchy Company, and The Washington Post Co.
Unlike price comparison, daily deal and couponing sites, Wanderful Media makes discovery shopping engaging, fun and social for consumers, wherever they are and however they shop -- tablet, mobile and web. The company's Find n Save® product offers local media affiliates a complete discovery shopping solution, designed to connect retail advertisers with millions of consumers. Wanderful Media is headquartered in Los Gatos, Calif. and on the web at www.wanderful.com.