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Verizon may sell directories business
By Times Staff
Published December 6, 2005
Verizon Communications Inc. may sell or spin off its phone book and online directories business to raise cash as it nears completion of its purchase of MCI Inc. and invests billions in rewiring its telephone network to deliver cable TV and speedier Internet access.
The company, laden with long-term debts of $34.4-billion, disclosed late Sunday it was reviewing alternatives for Verizon Information Services.
While Verizon did not say how much the subsidiary might be worth, published reports said the business could be valued at more than $17-billion. The company said the subsidiary had operating revenue of $3.6-billion in 2004, operates from Texas and employs 7,300 people.
Verizon Information Services has nearly 700 employees in Florida, with about 500 of them in the Tampa Bay area, according to Verizon spokesman Bob Elek. Most local employees perform sales and administrative functions.
--The Associated Press and Times staff writer Louis Hau contributed to this report.
[Last modified December 6, 2005, 13:45:02]
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