- Advertising/marketing firm Local Corp. (NASDAQ:LOCM) is down 1.9% after hours following an 8-K disclosure that it received from Yahoo a notice of termination of its Publisher Network agreement.
- The agreement provided for Local to draw a percentage of adjusted gross revenue for distributing Yahoo's paid search results. The two entered into the deal Nov. 1, 2012, with an end date of Oct. 31, 2017, but Yahoo is deciding to terminate on the deal's third anniversary this fall.
- Local Corp. notes a material effect on its revenues -- the deal made up 43% of total revenue in 2014, and 46% in 2013.