Cerberus Sprucing Up Yellow Pages Print Business for Possible Sale
Print Media LLC, the Yellow Pages print business which was split-off from the YP digital assets in June, may be getting spruced up for a sale, according to a source familiar with the matter. The companies are majority owned by private equity firm Cerberus Capital, which acquired its controlling interest from AT&T (NYSE: T) in 2012. AT&T continues to own a 47% stake in the venture.
Sources inside Print Media LLC explain that there is some shuffling around of personnel and a number of internal changes being implemented.
Print Media is said to have sales of roughly $800 million compared with $1.2 billion for the digital-focused YP. This represents a roughly 60-40% digital-to-print split on a $2 billion 2015 revenue run rate. In 2014, AT&T disclosed making $134 in net income from YP Holdings, down from $182 million in 2013, but up from $130 million in 2012. This would suggest total net income of $285 million in 2014 from YP, before the split. It is unclear what percentage was from print and digital.