AT&T to sell stake in Yellow Pages unit
4/10/2012NEW YORK — AT&T Inc. said Monday it agreed to sell a majority stake in its Yellow Pages business to the private-equity firm Cerberus Capital for $950 million.
The sale is part of AT&T's strategy to jettison shrinking parts of its business so it can focus on segments that are growing, particularly wireless. Revenue from the Yellow Pages unit has shrunk 30 percent in two years as consumers shun phone books in favor of the Web.
The sale affects 8,400 employees, and is expected to close mid-year.
AT&T, the country's largest phone company, is following in the footsteps of Verizon Communications Inc., the second-largest, in cutting its exposure in the phone book business.