Yahoo! Grabs Local Event Site

In a move to boost the amount of local content on its site, Yahoo! ( YHOO) has acquired Upcoming.Org, a Web site that lets people post listings of social events.

Terms were not disclosed. The site has free listings for events such as concerts, comedy shows and film festivals. It lists users in cities including New York, San Francisco and Austin, Texas.

The acquisition underscores the growing importance of local content to Yahoo! and rival Google ( GOOG) as people increasingly use search engines to find business listings instead of the phone book. Local search users also are attractive to advertisers looking to target consumers in a particular community.

Yahoo! and Google both allow people to look up information about businesses such as pizza parlors and hair salons through their local search functions. Time Warner's ( TWX) AOL launched its local search service earlier this year, while Microsoft's ( MSFT) MSN is testing a similar feature.

In another development, Google announced today that Princeton University President Shirley Tilghman has joined its board of directors.

Yahoo! shares rose 24 cents to $33.81 while Google gained $1.78 to $312.78.

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