Update, 4:50 p.m.: Fortune has obtained LivingSocial's charter filing for this investment with the state of Delaware, which demonstrates that the PrivCo report was wrong on at least some portions of the deal. Where PrivCo stated that no equity or stock was part of the deal, Fortune reports that the charter shows that stock was [...]
Posts Tagged ‘livingsocial’
No wonder they were dancing. After a 2012 that saw layoffs and $650 million in net losses, LivingSocial announced in a memo today that it has landed $110 million more in funding from investors.
In the memo, obtained by the Post, LivingSocial CEO Tim O'Shaughnessy calls the investment "a tremendous vote of confidence in our business." [...]
To get inside Washington daily deals giant LivingSocial, you could read "Living LivingSocial," our November cover story on the company. Or you could just watch the LivingSocial Harlem Shake video, which is so LivingSocial I feel like it should get a tax break, then lay off half its dancers.
Some things you didn't know were a part [...]
Looks like jobs weren't the only things being lost at LivingSocial in 2012. According to new SEC filings from investor Amazon.com, the D.C.-based deals company took a net loss of $650 million in 2012, even as its revenue doubled.
LivingSocial took in $536 million in revenue last year, compared to $862 million in operating expenses—a $326 [...]
Clean Up: A state legislator in Virginia wants to implement a 5 cent bag tax like the District's. +3
Oh Baby, Yoouuu: The Biz Markie LivingSocial cooking class is tonight. It's sold out, but there's another one next month. +2
LivingSocial CEO Tim O'Shaughnessy announced wide-ranging layoffs in an email to the company's employees today, confirming reports that the daily deals giant was planning to cut its staff.
In his email, which is in full below, O'Shaughnessy describes the cuts as the result of a "top-to-bottom" review of the company to prepare its finances for 2013. [...]
The mass layoffs at LivingSocial reportedly set to occur tomorrow have already begun.
According to one D.C.-based LivingSocial employee, at least 25 people were let go today, not including a company president who "stepped down." Three of the departing employees are based here in the District, where the company maintains a large presence and organizes a "Culture Team" [...]
LivingSocial—D.C. daily deals giant and great white hope of the city's tech tax break program—will start laying off as many as 400 employees tomorrow, the Washington Business Journal's Bill Flook reports.
It's not clear yet how many of the lost jobs are in the District, but there will definitely be some in the area, according to [...]
Virginia Vandalism: Late-night vandals slashed the tires of at least 64 cars in Herndon Saturday night, according to police. -1
The High Cost of Flying High: Not only is Dulles hard to get to, it's also hard to leave. According to a new study, Dulles has the second-highest domestic fares in the country, second only to [...]
LivingSocial—rescuer of Nationals Metro, recipient of $32.5 million in tax breaks from the D.C. government—took a tough blow yesterday when Amazon, an investor in the deals giant, announced $169 million in losses on its equity in the company in the last quarter.
Did D.C. throw good money after bad? Since LivingSocial isn't publicly traded, its financials [...]
LivingSocial's marketing department must be feeling pretty clever right now. The daily deals giant scored oodles of goodwill last month after circumventing the dispute over post-Nationals games Metro service by offering to cover the tab itself. Even better for the company, that publicity ended up not costing a penny.
Because of the way the playoff games [...]
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Readers! It's a good Friday for you and me, but a tough one for drunk [...]
LivingSocially Transmitted Metro: The long debate over who will pay for late-night Metro service for Nationals fans is over, and a benefactor has been found: daily deals giant LivingSocial. Since LivingSocial recently got a $32.5 million tax break from the District, it's sort of our money anyway, but who's counting? -3
Must Read: Once and future [...]
Attorney Attacks: Councilmember Michael Brown may have secured his place on the ballot, but can he withstand attacks from Baltimore "warrior lawyer" J. Wyndel Gordon? Gordon, who is representing Brown's ex-treasurer, says he wouldn't be surprised if Brown was taking money from his campaign. +3
Spending Spree to Slow: LivingSocial, Washington's homegrown daily deals site, will [...]
Will there ever be peace within the city's growing and surprisingly fractious getting-drunk-while-painting scene? Months after social-painting operation ArtJamz slammed LivingSocial for using "Wal-Mart principles" to launch its own wine-and-art classes, a lawsuit working its way through D.C. Superior Court accuses the deals giant of using a coupon agreement to steal another painting company's business.