Things look bub.blicio.us for Southern California’s local.com (NASDAQ: LOCM).

The company just announced an $8 million private placement to Hearst Interactive Media, a division of Hearst Corporation, and Greenway Capital. According to their PR person, the proceeds are going towards general working capital and strategic initiatives, i.e. marketing, alliances, and development.

“Hearst’s investment in Local.com is a welcome endorsement of our long-term strategy by one of the largest media companies,” said Heath Clarke, CEO, Local.com. “We are excited to learn from Hearst’s vast experience in reaching local consumers and merchants and believe that the relationship could ultimately accelerate the development of our own business.”

Said Kenneth Bronfin, president, Hearst Interactive Media: “Local.com is well positioned to capitalize on the consumer and advertiser trends that are delivering growth in the emerging local search advertising industry. We believe Local.com has the right strategy and can become a leader in this area.”

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