The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
Gannett bought out two newspaper companies, McClatchy and Tribune Company, which had been its partners in ShopLocal. ShopLocal hosts web versions of newspaper circulars for multi-channel retailers.
Newspaper chain Gannett Co. Inc. has bought out its two partners and taken full ownership of ShopLocal LLC, which hosts online versions of newspaper circulars for more than 100 multi-channel retailers.
Gannett bought the 15% stake owned by newspaper chain The McClatchy Company and the 42.5% stake of Tribune Company, which owns newspapers as well as television and radio stations. McClatchy said it received $7.875 million for its 15% stake, which would value ShopLocal at $52.5 million. Details of Gannett’s purchase of Tribune’s share were not disclosed.
Gannett says its rich media division PointRoll will work with ShopLocal to develop ads that dynamically connect retailers with consumers, both online and in stores.
“This unique synergy will allow us to supercharge our ad services business and deliver more value to our customers,” says Jack Williams, president of Gannett Digital Ventures. “The end result will be a deeper, richer customer database, marketing and sales strategies that connect with advertisers’ needs and access to broader ad networks.”
ShopLocal’s clients include Sears Holding Corp., No. 8 in the Internet Retailer Top 500 Guide; Best Buy Co., No. 12; Target Corp., No. 19; The Home Depot Inc., No. 42; and CVS Corp., No. 85.