Transmedia Network Inc., the restaurant discount card company, said it will acquire its West Coast franchise from Western Transmedia Co.
The value of the transaction will exceed $8 million, said officials of Western Transmedia, which serves California, Oregon, Washington, and parts of Nevada. It is expected to be completed in October, pending completion of definitive agreements and Western Transmedia shareholders' approval.
Western Transmedia intends to put the cash proceeds into acquisitions of other businesses, said president and chief executive officer Stuart Pellman.
Transmedia has a million members eligible to receive discounts from 6,600 participating restaurants when they pay for meals with a credit card.