Idearc Buys URL, Invests $3.3M in

Idearc Media Corp., operator of and publisher of the Verizon Yellow Pages, revealed Wednesday that it has acquired the URL and invested $3.3 million in cash in, a national network of community-based Web sites where residents can find and share local content. Under the terms of its URL acquisition, Idearc will receive ownership and all rights to the URL and domain name. As a result of its strategic investment, Idearc said it has obtained an equity interest in and a seat on that company's board of directors. Eric Chandler, president of Idearc's Internet operations, will represent Idearc on the board, the Dallas-based company explained. Idearc added that it expects its investment, which also includes a deferred purchase consideration, will close later this quarter.