client login
Username
Remember Me
Forgot Password
Password
CATEGORIES
 
Local Media Blog [ 882 ]  RSS ATOM


Blog Home

Contact Kelsey

Bookmark this page



SEARCH
 


previous month  MARCH 2006  next month
s m t w t f s
4
16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31


BLOG ARCHIVE
 
RSS ATOM  Full archive
 
current month



RECENT ENTRIES
 
 
RSS ATOM


BLOGGERS
 
admin [ 0 ]  RSS ATOM
Carlotta Mast [ 0 ]  RSS ATOM
Greg Sterling [ 722 ]  RSS ATOM
John Kelsey [ 52 ]  RSS ATOM
Matt Booth [ 0 ]  RSS ATOM
Mike Boland [ 80 ]  RSS ATOM
Neal Polachek [ 27 ]  RSS ATOM


COUNTER
 
Visitors    275381
Online users 69
 



Mar 5 2006
TPI Suitors Line Up
A long list of potential suitors for Telefonica Publicidad e Informacion has emerged that invokes Claude Raines from "Casablanca": "Round up the usual suspects !" The parade of private equities whose names are listed among those at least interested in the deal includes many that have been associated with other past deals as buyers or also-rans � CVC Capital, the Blackstone Group, the Carlyle Group and so on.

Currently Telefonica, Spain's leading telecom, owns a 60 percent stake in TPI. Telefonica, surprise, wants to offload its majority shares in TPI to reduce debt.

Also reported to be interested are France Telecom (which is the majority owner of publicly traded PagesJaunes), and Yell Group, working in concert with the private equity Apax Partners (a former part owner of Yell). Those would lead to some interested pan-European combinations.

TPI, a public company, is the dominant directory player in Spain, with a large and growing presence in directories in Latin America. It also recently launched a competitive DA business in Italy.

Blog: Global Yellow Pages Blog
 
posted by  Charles Laughlin at  16:05 | permalink | comments [0] | trackbacks [1]



Mar 5 2006
AT&T + BellSouth = US$5.8B Publisher
The story is all over the financial press today that AT&T will acquire BellSouth for US$67 billion. Based on 2005 revenues, the combined Yellow Pages divisions of the two companies will have total revenues of about US$5.8 billion. I'd say this will make it the world's largest directory publisher, but that was already true of AT&T's US$3.7 billion Yellow Pages division. The newly enlarged publishing unit will be the incumbent publisher in 21 states.

This deal is not exactly a surprise, since it was widely reported that SBC (before it acquired AT&T and adopted its name) made a run at BellSouth before it pursued the AT&T deal. And AT&T and BellSouth's Yellow Pages operations already jointly own YellowPages.com, a deal that led to much speculation that it was a precursor to a combined Yellow Pages operation. Well, that now appears to have happened, even if Yellow Pages was not a driving force in the transaction.

We will have a lot more to say about this deal in this week's Local Media Journal. This is a big one.
Blog: Global Yellow Pages Blog
 
posted by  Charles Laughlin at  15:53 | permalink | comments [2] | trackbacks [1]



Mar 5 2006
AT&T to Buy BellSouth
According to a story in today's New York Times AT&T (formerly SBC) is near a deal to acquire BellSouth:

AT&T is expected to pay about $65 billion for BellSouth, the country's third largest phone company, which operates in a nine-state region in the Southeast. The price represents a 25 percent to 30 percent premium for BellSouth shareholders.

The Times is reporting that a deal may be announced as early as Monday. The combination would create (recreate) a communications giant with combined estimated Yellow Pages revenues of roughly $5.6 billion and approximately 3,800 sales representatives. Both AT&T and BellSouth have DSL partnerships with Yahoo! (both also have IPTV initiatives). AT&T has a market cap of $91 billion, while BellSouth is worth approximately $56 billion today.

There were numerous rumors of earlier, failed discussions between the two companies. And there has been considerable speculation in the recent past that the two companies would combine and spin off their directory divisions at some point in the future. It's not clear to me whether this deal, if it were to happen, would make that more or less likely. (My colleague Charles Laughlin would have a more nuanced perspective on that issue. However, telco parents have sold directory assets to pay down debt in many instances in the past.)

The Wall Street Journal (sub. req'd), says:

AT&T is targeting at least $2 billion in cost savings in BellSouth deal, said a person familiar with the matter Sunday ... The total equity value of the deal is at least $65 billion, plus the assumption of an additional $17 billion of BellSouth debt.

The two companies have a parternship in the newly re-energized YellowPages.com (and Cingular, to become AT&T wireless). And I could imagine a combined company becoming more active and making some intreresting online acquisitions to better position itself on the Internet. In fact I could imagine a fairly major acquisition in the search space.

We'll go into all aspects of the transaction, including the competitive implications, if it's confirmed, later this week.

________

More from Reuters, MarketWatch, USAToday and many others. Here's another N.Y. Times piece (reg. req'd) that has a great deal more detail and some additional features.

Thus far in my "career" as a blogger I have resisted the urge to use the term "grok." But now I break that solemn vow with: Om "groks" the deal.
Blog: Global Yellow Pages Blog , Blog: Local Media Blog
 
posted by  Greg Sterling at  12:36 | permalink | comments [1] | trackbacks [26]










The Kelsey Group, 600 Executive Drive, Princeton, NJ 08540-1528
Tel: (609) 921-7200 Fax: (609) 921-2112 EMail: [email protected]
Copyright© 2005 The Kelsey Group. All Rights Reserved.