An interesting story just appeared on Bloomberg that reports Australian publisher Sensis, a unit of telecom Telstra, will be spared from a massive job-cutting program because it represents a critical component of Telstra’s growth plans. Telstra CEO Sol Trujillo has announced plans to cut 12,000 jobs over the next five years. Sensis is committing to double its revenues by 2010, a tall order for any directory company. However, print Yellow Pages does not appear to be central to these growth objectives. Rather, the company will rely on Internet advertising and initiatives like Platefood, a London-based enterprise that will license Sensis’ online search and directory platform to other European and Asian publishers. You can read the story here.