Groupon buying rival LivingSocial

Groupon Inc. agreed to buy rival LivingSocial Inc., a company once valued as high as $6 billion, according to Bloomberg.

Groupon declined to disclose the purchase amount but said it was low enough to be considered "not material." The transaction is expected to close next month.

Amazon.com Inc.-backed LivingSocial cut more than half of its workforce in March. Just as Groupon has been moving away from its daily-deal roots, LivingSocial has turned to a strategy involving credit-card discounts at restaurants.

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