Telus and Verizon are looking to dump SuperPages, their Western Canadian yellow pages business. I think it's a pretty smart move. IMHO, phone directory business has peaked, and the future is a few years of stability followed by gradual decline as that business slowly gets googled. Location-based search and advertising is a big strategic opportunity for all search engines and I think they'll vigorously go after it. I think Google's ad-revenue model can be particularly effective here, if they can perfect something like a "pay-per-feet-to-the-store" kind of hybrid click-and-shop model for this business. The ultimate losers here will be the buyers of the income trusts. They'll probably be left holding the (very expensive) bag, as this will *not* be the long steady income stream that the private equity funds will sell them into.