The company’s press release says:
The facility will primarily be used for expansion of the company via potential acquisitions, and to fund strategic growth initiatives.
This made me think that there are probably some M&A opportunities in local but it seems like nothing’s going on. I’m sure there are some “fire sale” prices out there.
Scott Wolfgang of Hearst said well over a year ago (maybe a couple) that he was concerned that the natural buyers of startups in local were the YP publishers and newspapers, both of which were in financial distress and probably couldn’t make the acquisitions that they otherwise might like to.
What do you think? If you were sitting on a pile of money ($10M may not be enough), who would you buy and why in the local segment?