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Dec 16 2005
Yellow Book Reveals Online Revenues
Last week Yell Group conducted a detailed investor presentation in which it revealed for the first time online revenues for Yellow Book, its U.S. subsidiary. We will cover the details of the presentation within the TKR program, but here are a couple of key datapoints regarding Yellow Book's online business.

For the financial year 2005 (ended March 31), Yellow Book generated Internet revenues of US$22.2 million, up more than 73 percent over the previous year. With total revenues of US$1.52 bilion in fiscal 2005, online revenues represent less than 2 percent of Yellow Book's total revenues. Through the first half of its 2006 financial year, Yellow Book has generated US$17.9 million in online revenues, including US$2.7 million ported over from the TransWestern acquisition.

Blog: Global Yellow Pages Blog
posted by  Charles Laughlin at  15:44 | permalink | comments [0] | trackbacks [0]

Dec 16 2005
Eniro Closes Door on Eastern Europe
In a transaction unlikely to alter the delicate balance of power in the global Yellow Pages industry, Swedish publisher Eniro announced earlier this week that it has sold its 75 percent stake in Belarus directory publisher JV Eniro Belfakta, for 8 million Swedish krona, which might cover a year��s rent for a Manhattan apartment with a view of Central Park.

The dollars (or krona) matter less than the fact that this represents the end of Eniro��s foray into Eastern Europe (if you exclude Poland, where it does pretty well). Eniro��s lesson from all this was that the costs of pursuing opportunities in underdeveloped markets far outweigh the benefits. The opportunity costs include management attention diverted from a highly competitive situation in the Nordic markets, where Eniro does most of its business.

Blog: Global Yellow Pages Blog
posted by  Charles Laughlin at  15:09 | permalink | comments [0] | trackbacks [0]

Dec 16 2005
New Zealand YP Jumps Into Mapping
Telecom Directories (New Zealand) is showing more aggressiveness in business development under its new leadership (GM Dudley Enoka). We recently noted in Local Media Journal that Telecom Directories has acquired a company that publishes a retirement guide for Kiwis over 50. Now we see that the company has launched a new online mapping service. Here is an article with more detail.

Blog: Global Yellow Pages Blog
posted by  Charles Laughlin at  15:03 | permalink | comments [0] | trackbacks [0]

Dec 14 2005
A Bullish Take on Yellow Pages
Just got around to reading this item on the Motley Fool. It offers a bullish take on Yellow Pages, which contrasts with a lot of recent coverage in the wake of the Verizon IS sale announcement. Much of the coverage has suggested the sale is indicative of the waning influence of Yellow Pages. You can read the Motley Fool article here.

Blog: Global Yellow Pages Blog
posted by  Charles Laughlin at  14:39 | permalink | comments [0] | trackbacks [0]

Dec 8 2005
Verizon Deal Raising Qs About YP Future
When a company as large as Verizon decides to shed its directory business, a reliable source of cash for so many years, questions inevitably arise over what such a move says about the future of Yellow Pages. I've been scanning the news coverage over the past few days, and we've been in the thick of it ourselves, fielding numerous press calls. Much of the coverage raises doubts about how many years the Yellow Pages product has left.

We are currently working on an advisory that will offer our take on Verizon, the decision to sell, who the buyers might be and how the deal might change the industry.

Our essential view of Yellow Pages isn't changed much by the announcement that Verizon plans to sell Verizon Information Services, its YP unit. Verizon has made a rational decision, in our view. Clearly, directories are not a core strategic asset. And when Ivan Seidenberg talks about "unlocking value," what he really seems to be suggesting is: Let's sell now while we can get a lot of money for this asset. The logical extension of this reasoning is that the asset could be worth less in a few years.

This is the point the press has seized on, suggesting Verizon must know something the rest of us do not. Maybe so. However, I think the rationale for selling is pretty simple and straightforward. And while it is not a ringing endorsement of the future of Yellow Pages, nor is it as damning as some would suggest. Print Yellow Pages has a future, but a limited one. A blended directional media product set (directories, classifieds, print, Internet, voice and mobile) offers a very good opportunity to those able to execute. There is still time to get it right, but, to state the obvious, not as much time as there used to be. VIS has a better shot at getting it right as an independent company.
Blog: Global Yellow Pages Blog
posted by  Charles Laughlin at  17:08 | permalink | comments [3] | trackbacks [0]

Dec 7 2005
Nice Work if You Can Get It
This from an article yesterday in a Norwegian newspaper: Cornel Riklin, who has been CEO of the Norwegian directory publisher Findexa for the past 11 months, is leaving his post now that the company is part of Eniro AB, which already has a CEO. Riklin's good-bye package totals 47.2 million Norwegian crowns, which works out to about US$7 million. That kind of money will dry up a lot of good-bye tears.

Riklin is a respected executive, and my colleague Neal Polachek was very impressed by his presentation at the Yellow Pages Today conference last month in Vienna. But US$7 million for 11 months' work is an impressive payout, to say the least.

Eniro, the leading directory publisher in neighboring Sweden, has named longtime Findexa executive Wenche Holen to the post of managing director of Eniro's Norway operations, which include the former Findexa plus Eniro's existing online-only properties. With her elevation, Holen becomes one of the most prominent female directory publishing executives in the world.
Blog: Global Yellow Pages Blog
posted by  Charles Laughlin at  14:27 | permalink | comments [0] | trackbacks [0]

Dec 5 2005
Verizon Info Services on Block
As noted in Greg's post, last night, Verizon Corp. posted an announcement on its Web site that it is "reviewing strategic alternatives for the domestic operations of the company's wholly owned directories publishing business, Verizon Information Services." You can review the original announcement here.

VIS had 2004 revenues of US$3.6 billion and EBITDA of US$1.7 billion. It also had a negative growth rate of 5.6 percent. VIS is reported to be commanding a price in the range of US$17 billion. This would be a blockbuster deal, and a challenging one for any single buyer to handle. All of which suggests a spin-off, which is one of the options Verizon presented in its announcement yesterday. TKG will provide more detailed coverage and analysis in the coming days, as more facts emerge.

Blog: Global Yellow Pages Blog
posted by  Charles Laughlin at  18:13 | permalink | comments [1] | trackbacks [0]

Nov 30 2005
Sensis Seen as Telstra Growth Engine
An interesting story just appeared on Bloomberg that reports Australian publisher Sensis, a unit of telecom Telstra, will be spared from a massive job-cutting program because it represents a critical component of Telstra's growth plans. Telstra CEO Sol Trujillo has announced plans to cut 12,000 jobs over the next five years. Sensis is committing to double its revenues by 2010, a tall order for any directory company. However, print Yellow Pages does not appear to be central to these growth objectives. Rather, the company will rely on Internet advertising and initiatives like Platefood, a London-based enterprise that will license Sensis' online search and directory platform to other European and Asian publishers. You can read the story here.

Blog: Global Yellow Pages Blog
posted by  Charles Laughlin at  14:53 | permalink | comments [1] | trackbacks [0]

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