AT&T is selling Yellow Pages for $1.2 billion

AT&T is selling one of its best known businesses, Yellow Pages, in a $1.2 billion deal. The carrier explains that it wants to focus on its core strategy including wireless, the cloud and Internet.
AT&T is selling Yellow Pages to private equity firm Cerberus for $750 million in cash, a $200 million note and a 47% ownership stake in the newly found YP Holdings LLC.
'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.'
source: WSJ