NEW YORK ( TheStreet) -- Groupon, the popular daily coupon company, has partnered with Media General ( MEG) to offer daily advertiser deals through Media General's local brand names.

The Richmond Times-Dispatch became the first of Media General's platforms to offer Groupon's "daily deals" on its Web site this week, locally branding the new promotion as the "Richmond Daily Deal."

We are pleased to add Groupon powered deals to our portfolio of new digital advertising services," Media General president and CEO Marshall Morton said. "Advertisers like this new form of promotion because they pay only when consumers redeem their offer. Consumer redemption also provides retailers with valuable local foot traffic."

Media General plans launch the service in six more markets by the end of 2010.

"For Media General, offering deeply discounted buying opportunities is another way to attract audience to our local media websites and create a new revenue stream," said Morton.

Groupon was founded in 2008 in Chicago and is now available in more than 240 markets around the world. Groupon promotions require a minimum number of redemptions for a deal to become active. This encourages consumers to share deals with contacts through e-mail or social media.

Under the partnership with Media General, Groupon will continue to negotiate deals with local advertisers. Groupon will produce the content for the daily promotions and Media General will distribute e-mail alerts to its subscribers.

Media General also operates, a coupon and shopping Web site with more than 2,000 retailer partners.

Media General's shares are up almost 2% today to around $9.35.

--Written by Theresa McCabe in Boston.

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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