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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