UK's Yell Purchases Large U.S. Phone Directory Publisher

Reuters and Bloomberg News report in the article: Yell snaps up more U.S. directories that the UK publisher has acquired TransWestern, one of the biggest independent publishers of U.S. phone directories. Yell paid $1.58 billion.

It may seem counterintuitive given the popularity of Internet search engines like Google, but to find local goods and services, the yellow pages are still king. "It's the local market and the small guy rather than the Web-based businesses or the large chain stores," said Paul Bates of the British brokerage Charles Stanley. "It's still an effective medium."