GETTING OUT: AT&T (News - Alert) Inc. plans to sell a majority stake in its Yellow Pages business to the private–equity firm Cerberus Capital for $950 million.

BROADER TRENDS: AT&T is trying to get out of shrinking parts of its business to focus on growing ones, particularly wireless. Revenue from the Yellow Pages business has shrunk 30 percent in two years, as consumers turn to the Web instead of phone books.

ELSEWHERE: Verizon (News - Alert) Communications Inc. spun off its directories business in 2006, only to see it file for bankruptcy three years later.