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BREAKING NEWS FROM CNBC'S KATE KELLY: LIVINGSOCIAL VALUATION AT IPO COULD BE $10 BILLION TO $15 BILLION

When: Today, Wednesday, June 29th at 2:55PM ET

Where: CNBC's "Street Signs"

Following is the unofficial transcript of breaking news from CNBC's Kate Kelly on "Street Signs." All references must be sourced to CNBC.

For more information, visit: CNBC.com

KATE KELLY: I JUST HAVE AN UPDATE ON LIVINGSOCIAL, THE GROUP COUPON INTERNET SITE WHICH OF COURSE COMPETES WITH GROUPON. THEY ARE WELL UNDERWAY WITH THEIR IPO PLANS I AM TOLD. THEY HELD A BAKEOFF THIS WEEK IN WHICH THEY ARE GOING TO WALL STREET BANKERS TO HELP UNDERWRITE AN INITIAL PUBLIC OFFERING. IT COULD BE $1 BILLION IN SIZE. I AM TOLD THE IMPLIED VALUATION OF THIS COMPANY, HOLD YOUR BREATH, IS $10 TO $15 BILLION NOW THIS IS SORT OF JUST DISCUSSION AT THIS POINT BUT THAT'S WHAT THEY ARE TALKING ABOUT WITH THE STREET AS THEY MAKE THESE PLANS. THEY ARE GOING TO SELECT A BANKER, I AM TOLD, BY THE END OF THE WEEK AND THINGS ARE LOOKING FAIRLY ROSY FOR THEM FROM WHAT I HEAR. THEY ARE EXPECTING TO CHURN OUT ABOUT $1 BILLION IN REVENUE THIS YEAR AND THEY EXPECT TO BE FREE CASH FLOW POSITIVE BY 2012. NOW JUST FOR COMPARISONS SAKE, GROUPON FILED THEIR IPO REGISTRATION ON JUNE 2ND. THEY ARE GOING TO BE LED BY MORGAN STANLEY, CREDIT SUISSE AND GOLDMAN SACHS. INTERESTING TO SEE WHETHER LIVINGSOCIAL CAN HAVE ANY OVERLAP IN THE UNDERWRITERS, BRIAN AND MANDY, OR WHETHER THAT'S A KIND OF CONFLICT OF INTEREST.

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