Idearc Exits Bankruptcy As SuperMedia
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Yellow pages publisher Idearc has emerged from bankruptcy protection with a new name, SuperMedia, but a continued belief in the future of its print business. SuperMedia CEO Scott Klein tells local media research firm BIA/Kelsey that the shift to online is being driven mostly by new users, while “traditional users” are still loyal to the traditional yellow pages (That sounds like wishful thinking. Not to extrapolate too much here, but the pile of yellow pages dropped off outside my apartment building two weeks ago does not seem to have shrunk).
Idearc had filed for Chapter 11 bankruptcy protection last March in order to get out from $9 billion in debt. That figure has been reduced to $2.75 billion under the bankruptcy reorganization. The company also has a new board of directors, which includes Robin Domeniconi, the VP of U.S. advertising at Microsoft (NSDQ: MSFT) and TiVo (NSDQ: TIVO) CEO Thomas Rogers. SuperMedia’s online properties include its flagship site Superpages.com, as well as Switchboard.com and EveryCarListed.com.
SEE ALSO: Tanking Yellow-Pages Sales Send Idearc Into Bankruptcy
Next up among the directory publishers to emerge from bankruptcy protection is likely R.H. Donnelley, which followed Idearc into Chapter 11 over the summer.
Posted In: Advertising, Local, Media & Publishing, Money, Bankruptcy
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