Landmark Communications Inc. will accept more than 60 million shares of CoolSavings, Inc. stock in place of $9.4 million in loans it made to CoolSavings since November 2001. Landmark had previously purchased $2.8 million in shares of CoolSavings.
The agreement will give control of roughly 79% of CoolSavings’ stock to Landmark, a privately held media company based in Norfolk, VA. CoolSavings is an online couponing and direct marketing firm based in Chicago.
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