Idearc Media (NYSE: IAR), a publisher of print and online directories, is pushing deeper into the localized content space with a $3.3 million strategic investment in AmericanTowns.com.  AmericanTowns.com is one of a handful of ‘virtual town squares’ trying to build a platform for community-based news and information sharing.  At the same time, Idearc is also acquiring the URL LocalSearch.com (which now simply redirects to AmericanTowns.com), which it will use in conjunction with content from AmericanTowns to build out a local search site.  For its part, AmericanTowns plans to use the investment to grow its site and add more community tools. Idearc is betting that local search will work best with an established base of local content.

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