New public company to be called Idearc.
Verizon said Wednesday its board of directors has approved the proposed spin-off of the carrier’s U.S. print and Internet Yellow Pages directories business.
The spin-off will result in a new public company that will be separate from Verizon called Idearc, which will be based in Dallas/Fort Worth and employ 7,100.
Verizon’s directories business accounts for $3.5 billion in revenue, but directories are not core to the company’s plans to focus on fiber-based Internet and video, and wireless for future growth.
Idearc stock will trade on the New York Stock Exchange under the symbol IAR.
Completion of the spin-off is expected in November.
