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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, which is printed in the business pages of The Philadelphia Inquirer every Sunday, Tuesday, Wednesday, Thursday and Friday. Joe has worked at the Inquirer, mostly, since 1988. He has also written for Bloomberg and Gannett, authored the book Comcasted, majored in economics at Penn, and fathered six children. Reach Joe at 215-854-5194 and JoeD@phillynews.com

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