Update: Hearst Reduces Stake In Local.com

I’ve posted an updated version of the post concerning Hearst’s stake in Local.com (LOCM).

The basic facts are, rather than sell its entire 22% stake, as I originally reported, Hearst actually reduced its stake, but still holds a 13.5% position.

My apologies for the confusion; the full story can be found on the original post, now rewritten.