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Telecommunications Telecom NZ to sell Yellow Pages
Telecommunications Telecom NZ to sell Yellow Pages | Telecom NZ to sell Yellow Pages |
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| by Stuart Corner | |
| Friday, 03 November 2006 | |
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The Yellow Pages Group includes the printed Yellow Pages, White Pages and their on-line equivalents, local directories, New Zealand Retirement Guide and the newly acquired New Zealand Tourism Online, purchased in August. At the time of that deal Yellow Pages group general manager, Dudley Enoka, said the purchase was a significant step, but it was only the beginning of a series of developments by Yellow Pages Group that would make 'finding it' easier for all New Zealanders. "Yellow Pages Group is undergoing a business transformation, and today's development is an example of the deeper, more accessible online information we want to bring to New Zealanders." Telecom's CEO, Theresa Gattung, said there had already been considerable interest shown in the future of Yellow Pages Group based on recent media speculation. "We expect that the sale should be completed by the end of this financial year," she said. "Telecom expects to appoint external advisers shortly to assist in managing the sale process.'' Yellow Pages Group has over 600 employees nationally with annual revenue of $250 million. It is responsible for printing and distributing more than six million directories – 18 regional editions of Yellow Pages and White Pages, and 22 editions of Local Directories. In Telecom NZ's Q1 results, announced the same day, Yellow Pages Group reported revenue of $NZ69 million, and increase of 11.3 percent on the same quarter in 2005. The company said growth was driven by volume increases, new products in the printed directories and higher revenue from online services. {moscomment}
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