Every company reaches a fork in the road where its past and its future no longer point in the same direction. For Thryv Holdings Inc., that moment arrived Monday. The company announced it has agreed to sell its print directories business to Los Angeles-based investment firm Carolwood LP for $142 million in cash — a deal advised on Thryv's side by Holland & Knight LLP, with Sheppard Mullin Richter & Hampton LLP representing Carolwood.

A Deliberate Pivot Toward AI

The sale arrives as Dallas-based Thryv, a local-services software company, signals a clear intent to concentrate its energy on its artificial intelligence-powered platform. The business changing hands includes Thryv's print Yellow Pages and White Pages directories across the U.S., Australia and New Zealand, along with certain digital editions of those same directories — effectively closing out a chapter of the company's identity that stretches back to an earlier era of business.

What the Money Will Do

Thryv said it intends to funnel the proceeds from the sale toward repaying debt and other liabilities, a move the company expects will materially strengthen its financial profile going forward. The deal is targeted to close in the fourth quarter of 2026, giving the company a clear runway before the transaction becomes final.

A Handoff, Not a Clean Break

Interestingly, the two companies aren't parting ways entirely once the deal closes. Thryv and Carolwood plan to enter into a management services agreement, under which Thryv will continue providing certain support services to the directories business even after ownership transfers — a bit like a chef selling a restaurant but staying on to help run the kitchen during the transition.

Part of a Broader Transformation

This sale doesn't exist in isolation — it's the latest move in a restructuring effort Thryv previously announced, following the August launch of its Thryv Growth Platform. Together, these steps paint a picture of a company actively reshaping itself, shifting its center of gravity away from legacy print products and toward software and AI-driven services built specifically for local businesses.

In letting go of the Yellow Pages that once defined it, Thryv appears to be betting that its future — and its investors' confidence — lies not in printed pages, but in the algorithms now powering its next chapter.