Thursday, July 6, 2006

Verizon to Spin Off Domestic Print and Internet Yellow Pages

Verizon Communications filed a statement with the Securities and Exchange Commission in a step toward a proposed spin-off of Verizon's domestic print and Internet yellow pages directories to its stockholders. Verizon said it has not yet made a final decision on whether a spin-off will occur, but the company continues to expect to complete a disposition of its directories publishing operations -- which could include the spin-off, a sale or other transaction, or combination of these alternatives -- by the end of 2006. In December 2005, Verizon had announced that it was reviewing strategic alternatives for these operations.

A newly formed wholly owned subsidiary, currently named Verizon Directories Disposition Corporation (Directories Corp.), is headquartered in Dallas and has approximately 7,100 employees. Before the proposed spin-off, Directories Corp. would be renamed. After the proposed spin-off, Directories Corp. and its subsidiaries would continue to operate Verizon's current domestic directories publishing business.

See also