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Revenue from the Yellow Pages unit has shrunk 30 percent in two years, as consumers continue to shun phone books in favor of the Web. Phone books were once a cash cow, generating reliable profits as businesses paid for ads that were right under consumer's finger tips as they were looking for local stores and services. Profitable but shrinking businesses generally sit poorly with public companies who want to show shareholders that they're growing. Private-equity firms don't have to please public shareholders and are happy to make money from dwindling assets. Verizon spun off its directory business to shareholders in , only to see it file for bankruptcy three years later. The sale affects 8, employees, and is expected to close mid-year.