NEW YORK (
is reportedly pulling the plug on its daily deals service.
, the social networking giant is ending its competition with
and others who have entered the booming space of late after just four months of testing among its members. The service will be shuttering in "coming weeks," Facebook said in an emailed statement, the
Facebook has more than 750 million active users, but is facing increased competition from
(GOOG - Get Report)
The stakes are rising in the daily deals business as well with Groupon and
both pursuing initial public offerings to build up their dry powder, and more and more players getting in the act, such as
(LOCM - Get Report)
, which agreed to acquire the operator of the
Screamin' Daily Deals
web site in early July to augment its Spreebird offering.
Written by Michael Baron in New York.
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