Private Equity Firm Cerberus buys out 53% ownership of At&t Advertising Solutions

 

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“The local print directory business has been under significant pressure for quite awhile.  Idearc, Verizon’s directory business which was spun off in 2006, went through bankruptcy proceedings in 2009.  It was rebranded as SuperMedia in January 2010 and has continued to struggle with Moody’s downgrading its credit rating last month to Caa3.  Dex One, a former directories publisher of Sprint, also went through bankruptcy in 2009.  Yell, a spin-off of U.K.’s BT Group’s directories business, which owns U.K. and U.S. directory brands, had to renegotiate its £2.6bn net debt last December.”

“A major battle is underway to capture a position in the $39 billion local advertising market.  Google, Groupon, eBay, Yelp, CityGrid Media, Angie’s List, ReachLocal and many others are building businesses that innovate on the legacy of Yellow Page directories.”
  “Cerberus’ challenge will be to continue to purposefully and aggressively reorient an organization which has the dying print directory business in its DNA. “
“The assets at their disposal are quite impressive but can the leadership let the past go and embrace the very fast-moving innovation now occurring in online and mobile?”
Source: streetfightmag.com  Link to Full Article
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