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Monday, May 11, 2009

Money-losing Metro Phila, sister papers sold at loss

Metro Philadelphia, the thin tabloid daily paper passed out free to Septa riders, and its sister papers in New York and Boston, were sold by money-losing owner Metro International SA of Luxembourg to Metro International's ex-chief executive Pelle Tornberg. The Boston paper was co-owned by New York Times Co.'s money-losing Boston Globe.

Metro didn't disclose the price, but said it would write off around $2 million in losses following the sale.  "We are still loss-making and I don't see any growth in the market this year or in 2010," Metro chief financial officer Anders Kronberg told the Associated Press here.

As reported in this space recently, Metro Philadelphia publisher Eric Mayberry left the paper and won't be replaced.
Posted by Joseph N. DiStefano @ 9:34 AM  Permalink | Post a comment
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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