IE 11 is not supported. For an optimal experience visit our site on another browser.

Verizon mulls sale of phone book unit

Telecommunications giant Verizon Communications Inc. said late Sunday that it is looking to sell or spin off the domestic operations of its directories publishing business, Verizon Information Services.
/ Source: The Associated Press

Telecommunications giant Verizon Communications Inc. said late Sunday that it is looking to sell or spin off the domestic operations of its directories publishing business, Verizon Information Services.

According to a Wall Street Journal report, the divestiture of the business, which publishes some 1,750 directory titles and has a circulation of about 121 million copies, could bring in more than $17 billion. Verizon Information Services had combined operating revenue of $3.6 billion in 2004.

Verizon said divesting VIS through a spin-off, sale or other strategic transaction, is aimed at sharpening its focus on three core network-based businesses in the wireless, broadband and enterprise markets.

The company said it has hired Bear Stearns & Co. Inc. and JPMorgan Securities Inc. as its financial advisers, and anticipates that it could complete a disposition in 2006.

Verizon also said it expects to close its $8.5 billion takeover of MCI "shortly." The Federal Communications Commission approved the transaction on Oct. 31, but several states still must sign off on the deal.