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Beverly Hills-based Hydra Media , the cost-per-action (CPA) advertising network, has new funding in hand and legal issues behind it, and is now looking upmarket, the firm told socalTECH in an interview Thursday. The ad network--which announced a restructuring and buyout by an investment group led by founder Zac Brandenberg earlier this week--is now looking to court more major advertisers and large brands. In an interview with Mason Wylie , SVP of Marketing, and Gary Cooperman , CFO of the firm, the two executives explained that the restructuring came because the firm decided to set its sight on bigger companies.

Full disclaimer: both Clearstone and Redpoint have or are current sponsors of socalTECH, though our coverage is always independent of our advertisers and sponsors.) ...Tags: There’s a lot of folks gambling on the IPO market this week, with a bunch of IPO news — both from local VCs as well as one local company. This morning, ReachLocal filed for an IPO ,  in what has been a long-anticipated move for the firm.