AT&T sells off Yellow Pages

City A.M. Reporter
AT&T said on yesterday that it would sell a 53 per cent stake in its declining Yellow Pages business to private equity firm Cerberus Capital Management in a deal worth $950m including debt.

Under the terms of the deal, AT&T will receive $750m in cash, subject to adjustment, and Cerberus will take on $200m in debt. AT&T will keep a 47 per cent stake in the business, YP Holdings.