By Gavin Lower
MELBOURNE--Australian telecommunications company Telstra Corp.'s
(TLS.AU) Sensis unit said it had agreed to buy online business
directory TrueLocal from News Ltd., the Australian arm of media
firm News Corp. (NWS), for an undisclosed sum.
In a statement Thursday, Sensis said it made the purchase to
help drive more traffic to its own Yellow Pages directory as
advertisers switch from printed directories to online
platforms.
"The listings on TrueLocal and its library of reviews will add
value to Yellow Pages," a Telstra spokesman said separately in an
emailed statement.
Sensis has been hit in recent years as its printed directories
fall out of favour with consumers who are finding it quicker and
more convenient to access business listings online. In fiscal 2012,
the unit's revenues slumped 18% to 1.47 billion Australian dollars
(US$1.54 billion).
News Ltd.'s chief financial officer Stephen Rue said in Sensis's
statement that TrueLocal was no longer a "priority" for the company
after it spent A$1.94 billion to raise its stake in Australian
pay-television broadcaster Foxtel last year and bought Independent
Business Media in a separate deal.
The TrueLocal acquisition is conditional on approval from the
Australian Competition & Consumer Commission. News Corp. is the
owner of this newswire.
Write to Gavin Lower at gavin.lower@wsj.com
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