By Julia Boorstin, CNBC Correspondent
NEW YORK ( CNBC) -- Google ( GOOG) tried to buy Groupon for $6 billion, and Groupon turned down the search giant's bid. So now Google's moving forward with its own rival service, called "Google Offers," which would offer consumers deals from local merchants. There's no question this arena is hot -- Groupon just raised $1 billion and has 50 million subscribers, while the number two rival, LivingSocial, has 17 million. Now we'll see whether Google can leverage its size and technical expertise to create a real player in the space.
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