Yellow Pages publishers to merge
Source: FT
Two of America’s largest Yellow Pages publishers plan to merge, hoping economies of scale can offset the double-digit declines in print revenues that have dogged directory owners.
Dex One and SuperMedia, the companies that emerged from Sprint and Verizon’s former directories businesses, both went through bankruptcy proceedings in 2009.
Their all-stock merger will form a group with pro forma 2011 revenues of $3.1bn, 5,800 employees and adjusted earnings before interest tax, depreciation and amortisation of about $1.2bn.
Their combined market capitalisation will be just over $150m, however, even after steep jumps in both companies’ shares on Tuesday.
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