LivingSocial seeks $400 million in funding

NEW YORK (AP) ? LivingSocial, the No. 2 online deals site behind Groupon, plans to raise $400 million in a private offering that will likely give it a cushion to put off an initial public offering.

Washington, D.C.-based LivingSocial Inc. said in a regulatory filing Wednesday that it has already raised $176 million of the planned amount.

A report in The Wall Street Journal citing unnamed sources says the offering values the company at $6 billion. Groupon Inc., which went public in early November, is valued at more than $14 billion.

LivingSocial makes money by offering deals from local and some national businesses to its customers. These range from spa treatments and pedicures to restaurant meals and weekend getaways. Once the deals are purchased, the company takes a cut before paying the merchant.