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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Telstra Corporation Limited (PK) | USOTC:TLSYY | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 12.48 | 0.00 | 01:00:00 |
From Jul 2019 to Jul 2024
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
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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