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Yahoo7, the Australian portal that is a joint venture between Yahoo (NSDQ: YHOO) and Australian broadcaster Channel Seven, is buying top Australian daily deals site Spreets for a reported $40 million. Spreets describes itself as the first daily deals site in Australia and New Zealand — it’s nearly a year old — and claims 500,000 members. Its deals will now be distributed on Yahoo7.
Yahoo7, which was established in 2006, says the purchase will help it diversify its revenue beyond display ads. In September 2009, Yahoo7 bought online travel information site Totaltravel.com for $17 million and merged it with its own travel site. At the time, the company said it was looking to make additional acquisitions.
In its write-up of the news, Australian business news site Smartmoney notes that all four major daily deals services in Australia and New Zealand are now backed or owned by big companies. Living Social invested in Spreets rival Jump On It in November.