Verizon Approves Spin Off Of Yellow Pages and Internet Directories

Oct. 18, 2006

Today Verizon announced that they are going to spin off their yellow page, white page and directory listings to a brand new company called Idearc. This new company will be separate from their operations as Verizon.

Investors with 20 or more shares of Verizon stock will receive 1 share of Idearc stock as part of the spin-off deal. Shareholders with less than 20 shares will recieve a taxable cash payment in lieu of a fractional share to which they would be entitled.

Following the spin-off, the company will operate under the trademarks IDEARC, IDEARC MEDIA and the arc design logo. These trademarks will be used in promoting the company's multi-platform print and online publishing and advertising services, including Yellow Pages, White Pages, business directories and magazines, an online directory and search services, website design and hosting services, and directory and information services for wireless subscribers.