The Yell call centres in Bristol and Newport are proposed to close as part of plans to axe up to 341 permanent jobs in the UK.
A company spokesman said the work would be moved to India, citing the economic climate and the shift from print to digital media as the reasons.
He said about 100 permanent employees were at risk of redundancy in Bristol and 45 in Newport.
Seventy-eight jobs are at risk in Reading and about 60 in Glasgow.
The proposals are subject to a 90-day consultation period.
A company spokesman said the announcement was made to staff on Tuesday.
In a statement, the company said: "Against a difficult economic backdrop, Yell continues to look for opportunities to reduce its cost base in order to protect its capacity to invest in building a sustainable, digital business.
"To support this, very regrettably, we are entering into consultation with our people on a proposal for up to 341 redundancies amongst our permanent UK headcount.
"Our proposals include moving the operations of our two UK 118 24 7 call centres, in Bristol and Newport, most of our order processing activities in Glasgow and Reading, and most of a business data team in Reading, to high quality provision in India.
"All temporary employees in the relevant teams will also be affected."
He said the company had an overall total of about 3,400 employees in the UK.