While many view the bankruptcies as a sign of a collapsing yellow pages print industry brought on by the Internet, others share the view that the economic woes resulted from decisions at Idearc and Donnelley that caused them to grow too much, too fast and too soon, expanding beyond the abilities to meet financial obligations as easy credit became hard credit.

The RBOC Bankruptcies 2009 takes an in-depth look at the actions behind the scenes that led to bankruptcy court and projects where the companies and the entire industry—both independent and incumbent—are likely to find themselves in the future.

Highlights of The RBOC Bankruptcies 2009 include:

• The cases behind the financial collapse of Idearc and R.H. Donnelley;

• The likely fate of the remaining mega publishers: AT&T, Local Insight and Yellow Pages Group;

• The impact on CMRs and suppliers;

• Delivering yellow pages information through print vs online or mobile;

• The keen competition to print the yellow pages heightens with Quebecor World in bankruptcy and R.R. Donnelley trying to buy the financially ailing printer;

• A look at the industry’s competition—both print and electronic;

• A segment by segment breakdown of the industry.

Table of Contents

Methodology

The RBOC Bankruptcies 2009: The Impact on the Future of the Yellow Pages Industry

Introduction

The Financial Challenges

R.H. Donnelley

Idearc Media

Yell Group

Other Publishers with Financial Investors

AT&T Advertising Solutions

Local Insight Media

Yellow Pages Group

Phone Directories Co.

User-Friendly Phone Book

Industry Size, Growth and Usage

Total Advertising and Yellow Pages Advertising

Industry Trends and Analysis

Syndicated Usage Research Stalls: No Studies Scheduled in 2009

Mergers, Acquisitions, Divestitures Relatively Flat

The Ticking Time Bomb: Do Not Deliver

Leading Certified Marketing Representatives (CMRs)

TMP Directional Marketing

Wahlstrom Group

The Berry Co.

Ketchum Directory Advertising

Markets for Printers and Suppliers

R.R. Donnelley

Quebecor World

Directory Unit Production by Publisher

Paper Consumption by Directory Publishers

The Pre-Media Market

Amdocs

Forecast and Conclusions

Table 1: RBOC Yellow Pages Revenue, 2007-2009P

Table 2: RBOC Revenue Change, 1998-2009P

Table 3: Statistical Summary of the Yellow Pages Industry, 2003-2008

Table 4: National vs. Local Advertising Revenue, 2006-2009P

Table 5: Yellow Pages Advertising Compared to Local Advertising and All Advertising, 2006-2009P

Table 6: Yellow Pages’ Share of U.S. Advertising, 2002-2009P

Table 7: Yellow Pages Revenue Growth by Publisher Category, 1996-2010P

Table 8: Yellow Pages Market Share by Type of Publisher, 1996-2010P

Table 9: National vs. Local Yellow Pages Advertising, 2006-2009P

Table 10: Selected Certified Marketing Representatives (CMRs) by Billings, 2005-2008

Table 11: Summary of Leading Directory Printers, Major Customers and Print Runs, 2006-2008

Table 12: Capacity and Consumption, Uncoated Groundwood Paper, 2007-2008

Table 13: U.S. Demand for Directory Paper, 2007-2008

Table 14: Outlays for Printing, Paper, Other Production and Distribution; Directory Publishing Industry, 2004-2008

Profiles of Leading Yellow Pages Publishers and Suppliers

AT&T Advertising Solutions

Idearc Media

Local Insight Media

Phone Directories Co.

Quebecor World

R.H. Donnelley

User-Friendly Phone Book

Yellowbook

Your Community PhoneBook