Sprint agrees to sell yellow pages business to R. H. Donnelley

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Overland Park, Kan.--Sprint announced Sunday that it has agreed to sell its yellow pages directory publishing business, Sprint Publishing & Advertising, to R.H. Donnelley for $2.23 billion in cash. R.H. Donnelley, which provides yellow pages advertising and other marketing services to local businesses, currently represents Sprint as a sales agent in some markets. The deal is expected to close in the first quarter of 2003. Annual revenue for Sprint's directory business is estimated at $560 million.
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