Yellow Pages Limited
.svg?lang=en){kind=logo} | |
| Company type | Public |
|---|---|
| TSX: Y | |
| Industry | Media |
| Headquarters | 1751 Richardson St., , |
Number of employees | 608 |
| Website | corporate |
Yellow Pages Limited (formerly Yellow Pages Group, Yellow Pages Income Fund, and Yellow Media) is a Canadian publication and internet services company that owns and operates Canadian properties and publications including Yellow Pages directories, YellowPages.ca, and Canada411.ca. Its online destinations reach approximately 9 million of unique visitors monthly and its mobile applications for finding local citizens, downloaded over 3 million times.
Historically known for distributing yellow pages phone books across Canada, into the 21st century YPG has primarily shifted to digital marketing services, though they also operate the YellowPages.ca local business search engine and Canada411 online phone directory,[1][2] and still print phone books on a limited basis to some customers as of 2024.
History
[edit]Yellow Pages Canada was established in 1908 as a division of Bell Canada. In 1971, it was renamed to Tele-Direct Inc.[3] In 1999, the company changed its name to Bell Actimedia Inc. to reflect a closer alliance with Bell.[4]
In 2002, Kohlberg Kravis Roberts and the Ontario Teachers' Merchant Bank acquired control of Yellow Pages Group, with Bell Canada retaining 10% ownership.[3] In August 2003, YPG had its initial public offering which raised over $1 billion, and established YPG as an income fund on the Toronto Stock Exchange (YLO.UN).[citation needed]
In October 2008, Yellow Pages was named one of "Canada's Top 100 Employers" by Mediacorp Canada Inc. and was featured in Maclean's newsmagazine, the only directory publisher to receive this honour.[5] In 2009, Yellow Pages Group was chosen as one of Canada's Top 100 Employers, Montreal's Top Employers, and Financial Post's 2009 "Ten Best Companies to Work For".[6]
In 2010, YPG announced that, based on urban customer habits and the decline of phone books as a result of the internet and smartphones, they would stop delivering residential phone books to customers in Toronto, Montreal, Vancouver, Calgary, Edmonton, Ottawa, Gatineau, and Quebec City, with deliveries only being resumed on request. Most customers there were urged to use the online Yellow Pages directories instead.[7] Through 2011 and 2012, YPG lost 90% of their share value, prompting a major restructuring toward digital marketing that saw shares triple in value but also led to several layoffs.[8] In 2015, YPG's phone book delivery cuts expanded to include Brampton, Mississauga, and Oakville, with the company continuing to analyze developing trends for potential further cuts for certain markets (namely Guelph, Kitchener, Waterloo, Cambridge, Elmira, Fergus, Hawkesbury, and Lethbridge) and locations such as high-rise buildings; however, a company statement assured YPG did not plan on fully discontinuing printed phone books, as many customers still relied on them, primarily seniors.[8][9]
In March 2011, Yellow Pages sold Trader Corporation to funds advised by Apax Partners for $745 million.[10] Its ticker symbol changed from YLO to Y in 2012.[11]
On January 16, 2018, it was announced that Yellow Pages would cut 18% otherwise, one fifth of its workforce. That very same day, approximately 500 employees were laid off nation-wide. According to its new CEO David Eckert, such measures were essential to ensure short-term financial health of the company, whose stock price took a significant nosedive over the year 2016–2017.
By 2018, Yellow Pages phone books were still being printed for customers in Halifax, Nova Scotia, primarily to profit from advertising, but residents who did not use them were noted to simply throw them away at the expense of the city and the environment, prompting YPG to include recycling tips in newer editions.[12] Yellow Pages Canada still prints and publishes phone books as of 2024, but they are notably rarer and slimmer, and are largely sustained by elderly customers and advertising revenue.[13]
Acquisitions
[edit]In 2010, YPG acquired Vancouver-based Canpages for $225 million.[14]
In 2015, YPG acquired Vancouver Magazine and Western Living magazine from TC Media.[15]
Controversies
[edit]In 2017, CBC Radio reported that small business owners were disappointed with YPG's search engine optimization services, which allegedly failed to achieve high placements on search engine results, and in some cases did not bring website traffic at all, yet still demanded large payments by locking them into contracts and threatening them with lawsuits and collection notices,[16] which continued well into 2019 and 2021 as reported by Business in Vancouver.[17][18][19] In 2019, Calex Legal Inc. filed a class action lawsuit in Quebec against YPG involving thousands of small businesses.[20]
Yellow Media is considered by some Canadian financial writers to be a prime example of why investors should be skeptical of high dividend yields.[21] In 2011, the company maintained a high dividend yield despite close scrutiny,[22][23] before finally cutting dividends and taking a stock price hit.[24]
References
[edit]- ^ "Find local businesses, products, reviews and deals on YellowPages.ca - YP.ca". YellowPages.ca. Retrieved 2024-04-24.
- ^ "New Canada 411". Canada 411. Retrieved 2024-04-24.
- ^ a b "Yellow Media Inc. - About Us". Archived from the original on September 19, 2012. Retrieved July 28, 2009.
- ^ [1] Archived December 28, 2004, at the Wayback Machine
- ^ "Reasons for Selection, 2009 Canada's Top 100 Employers Competition".
- ^ Leung, Kristina (2010-10-04). "Jobs at Yellow Pages Group". Eluta.ca. Retrieved 2015-12-28.
- ^ "Yellow Pages cuts delivery of residential phone book". CTV News Ottawa. 2010-06-03. Retrieved 2024-04-24.
- ^ a b Evans, Pete (2015-02-03). "Yellow Pages ending home delivery in some areas of Canada". CBC News. Retrieved 2024-04-24.
- ^ Marowits, Ross (2015-02-02). "Yellow Pages to end home-delivery of print directories in some areas". Global News. Retrieved 2024-04-24.
- ^ Robin Wauters. "Yellow Media Sells Vertical Media Publishing Subsidiary for 745 million in Cash." TechCrunch, March 25, 2011.
- ^ Dobby, Christine (May 14, 2014). "Once staggering under $2B in debt, Yellow Media looks to ride brand recognition to new growth". Financial Post. Retrieved February 7, 2018.
- ^ "A new direction for an old directory: The future of phone books". CTV News Atlantic. 2018-04-25. Retrieved 2024-04-24.
- ^ "'I Google': Why phonebooks are becoming obsolete". CTV News. 2024-04-16. Retrieved 2024-04-24.
- ^ "Yellow Media to buy Canpages". CBC News. 2010-03-30. Retrieved 2024-03-24.
- ^ "Why Yellow Pages bought Vancouver and Western Living magazines". BC Business. 2015-06-03. Retrieved 2024-04-24.
- ^ "Des entrepreneurs déçus par Pages Jaunes". CBC Radio-Canada (in Canadian French). 2017-01-24. Retrieved 2024-04-24.
- ^ "Canadian businesses blast Yellow Pages' ad practices". Vancouver Is Awesome. 2019-01-15. Retrieved 2024-04-24.
- ^ "Canadian businesses blast Yellow Pages' ad practices". Business in Vancouver. 2019-01-15. Retrieved 2024-04-24.
- ^ "Yellow Pages continues to face 'pattern of complaints'". Business in Vancouver. 2021-06-11. Retrieved 2024-04-24.
- ^ "UPDATED: Class action against Yellow Pages to proceed in Quebec". Business in Vancouver. 2019-03-19. Retrieved 2024-04-24.
- ^ John Heinzl. "How not to invest in 2013." The Globe and Mail, December 21, 2012.
- ^ John Heinzl. "Yellow Media's dividend under the microscope." The Globe and Mail, March 24, 2011
- ^ Todd Johnson. "Risk or Reward: What's Behind Yellow Media's 17% Dividend Yield." Seeking Alpha, June 2, 2011
- ^ John Shmuel. "Yellow Media shares plummet after dividend cut". Financial Post, August 4, 2011.