Verizon's Idearc Phone Book Spin-Off Completed

by Jon C. Ogg

The spin-off of Verizon’s (VZ) phone book business has been completed.  The Idearc (IAR) operator of Yellow and White Pages begins trading today on its own basis.

Idearc’s products include Verizon Yellow Pages and smaller-sized portable Verizon Yellow Pages Companion Directories, (, SuperPages Mobile(TM), Solutions At Hand(TM) magazine and Solutions Direct(TM) direct mail packages.  It also provides sales, publishing and other related services for more than 1,200 distinct directory titles in 35 states and in D.C.  It lists a total 2006 expected circulation of approximately 136 million copies and is the largest publisher of Hispanic directories in the United States.

Barron’s also just gave this a positive write-up this weekend after it traded on a when-issued basis last week for $26.60.  Barron’s noted that the Citigroup analyst that covers the sector noted shares could be worth $33.00.  The company also has plans to raise some $9 Billion in loans and bonds.

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