AT&T completes sale of yellow-page ad directory business to Cerberus

San Antonio Business Journal by James Aldridge, Web Editor
Date: Wednesday, May 9, 2012, 10:43am CDT

AT&T has sold off its print advertising directory business to a New York private equity firm.

AT&T has completed its sale of AT&T Advertising Solutions and AT&T Interactive to an affiliate of Cerberus Capital Management LP.
AT&T received $750 million in cash, a $200 million note and a 47-percent equity interest in the new entity YP Holdings LLC. AT&T is expecting a minimal effect on 2012 earnings from the transaction. These two business units are responsible for publishing 1,200 The Real Yellow Pages print directory titles and related Web sites. The print directories have the ability to reach about 150 million homes and businesses in 22 states.

Dallas-based AT&T (NYSE: T) is a communications holding company. AT&T’s operating subsidiaries provide wireless, Wi-Fi, high-speed Internet, voice and cloud-based services as well as television services under the AT&T U-verse and AT&T | DIRECTV brands.