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Stock Market & Financial Investment News

News Breaks
April 9, 2012
08:31 EDTTAT&T to sell Advertising Solutions, Interactive to Cerberus affiliate
AT&T announced that an affiliate of Cerberus Capital Management, L.P. has agreed to acquire AT&T Advertising Solutions and AT&T Interactive. As part of the transaction, AT&T will receive a 47% equity interest in the new entity, YP Holdings LLC. The business units generated approximately $3.3B in revenues in 2011. Among other agreements, YP has agreed to honor existing union contracts. The transaction includes assets of AT&T Advertising Solutions, which delivers sales and customer support, and AT&T Interactive, which conducts interactive product development. It does not include the recently formed AT&T AdWorks, a New York-based operation that sells advertising offerings across 3-screen platforms. The transaction is subject to Hart Scott Rodino notification with the U.S. Department of Justice and is expected to close in mid-year 2012. For the business units, AT&T will receive approximately $750M in cash, subject to adjustment primarily related to timing of closing, a $200M note and a 47% equity interest in YP. AT&T expects a minimal effect on 2012 earnings from the transaction and does not expect to record a material gain or loss on the transaction.
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