Hearst Sells Its Stake in Local Search Engine Local.com

Hearst, which invested $6 million in Irvine, CA-based business directory site Local.com earlier this year through its Interactive Media division, has apparently sold its stake in open market, reports Barron’s blog Tech Trader Daily. The investment stake consisted of convertible debentures and two series of warrants, and Hearst converted the securities into common stock and sold all of its shares in the open market over the last few weeks.

Local.com has been in news recently for its mobile local search patents and some controversies surrounding the defensibility of those patents.

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