NEW YORK — Qwest Communications International is reportedly in talks to sell its phone directories business for as much as $10 billion.
According to a report posted on its Web site late Wednesday, The Wall Street Journal, citing people close to the talks, said the Denver-based company is in advanced talks with "several private-equity firms to purchase all or part of the company's Yellow Pages assets." The newspaper said the price was between $8 billion and $10 billion.
Qwest spokesman Tyler Gronbach told The Associated Press Wednesday night that the company wouldn't comment on the report.
Qwest chief financial officer Robin Szeliga said in March that the company was looking at selling some of its assets.
Earlier this month, the Securities and Exchange Commission launched a formal inquiry into Qwest Communications International's accounting practices. An informal inquiry was announced in March. In an interview with The Associated Press April 4, Gronbach said the company is working with investigators.
The SEC is investigating how Qwest recorded revenue from a swap of optical capacity. Investigators will also look at Qwest's sale of equipment to customers such as KMC Telecom Holdings, which sold Internet services back to Qwest, and at changes in the production schedules and lives of some phone directories.
Two Qwest shareholders have filed suits claiming the company used the KMC deal to inflate its stock prices.