On Monday, AT&T confirmed that an affiliate of Cerberus Capital Management, L.P. has agreed to acquire AT&T Advertising Solutions and AT&T Interactive.
In accordance with the details announced today, AT&T will receive a 47-percent equity interest in the new entity, YP Holdings LLC (YP).
YP will include:
- Approximately 1,200 The Real Yellow Pages print directory titles reaching about 150 million homes and businesses in 22 states;
- YP.com, a top 40 website according to a leading global digital measurement firm;
- The YP Local Ad Network, which includes more than 300 mobile and online publisher websites nationwide providing digital reach to more than 71 million monthly unique visitors; and
- The YPmobile app, which allows users to search local businesses from their mobile devices.
The business units generated approximately $3.3 billion in revenues in 2011. Among other agreements, YP has agreed to honor existing union contracts.
“This transaction makes strategic sense for both AT&T and Advertising Solutions,” said José Gutiérrez, president and CEO of AT&T Advertising Solutions. “It enables AT&T to focus on its core strategy of leadership in wireless, IP, cloud- and application-based services. At the same time, it gives our advertising customers, partners and developers continued access to strong advertising and search innovation and performance.”