Telecom giant AT&T has announced today that an affiliate of private investment firm Cerberus Capital Management has agreed to acquire AT&T Advertising Solutions and AT&T Interactive.

Those two business units generated approximately $3.3 billion in revenues in 2011, according to a press statement released earlier this morning. The sale does not include the recently formed AT&T AdWorks.

AT&T will receive approximately $750 million in cash and a $200 million note from Cerberus for the unites. Under the terms of the deal, AT&T will also receive a 47% equity interest in the new entity, dubbed YP Holdings (YP).

YP will own YP.com, the YP Local Ad Network, which is said to reach more than 71 million monthly unique visitors, the YPmobile app as well as roughly 1,200 The Real Yellow Pages print directory titles (which are said to reach about 150 million homes and businesses).

AT&T says it wants to focus on delivering wireless, IP, cloud- and application-based services.

AT&T, which is currently facing strike threats from thousands of workers, said YP Holdings will honor existing union contracts even after the transaction, which is expected to close in mid-year 2012.