AT&T To Sell Majority Stake In Yellow Media To Private Equity Firm
They have been struggling for the last few year years, tried to sell off pieces of their business to keep floating, but today AT & T announced they plan to sell a 53% stake in Yellow Pages to private equity firm Cerberus Capital Management LP. The private equity firm will pay $750 million in cash and a $200 million note, plus a 47 per cent stake in YP Holdings LLC. The assets being sold include the print directories, websites and mobile app which generated revenue of $3.3 billion last year.
The deal excludes the recently formed AT&T AdWorks, which sells advertising offerings across online, mobile and TV. No word yet on what will happen with the staff.
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