I think [Google is] getting a steal, I think they underpaying,” said LivingSocial’s John Bax at today’s IGNITION: The Future of Media conference, in reference to Google’s near $6 billion bid for Groupon, which some have called wildly excessive. “[Groupon] should hold out for $12 billion or $18 billion…”
Bax was half-joking, but he went on to discuss the value of the social commerce business. “No one has cracked local advertising, a lot of people are trying different angles… Groupon works with tens of thousands of local businesses, they are generating a lot of cash.”
“The most well-read publication now might be Groupon,” said Ben Lerer, the CEO of Thrillist, who was also part of the same IGNITION panel discussion.
“I don’t think $6 billion is a crazy price,” said Bax. “I think it might be cheap.”
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