US Metro up for sale

Posted by Barbara Nguyen on January 16, 2008 at 12:46 PM

The end has indeed come for Metro freesheets’ three American titles, Metro Boston, Metro New York, and Metro Philadelphia. Metro International S.A., the worldwide publisher of the free daily newspapers, has opened up bidding on the US titles, according to an executive briefed on the deal.

The trio’s declining sales, contributing to a $10.6 million loss to company earnings, prompted the auction, according to company filings. Metro Boston revenues declined 12 percent in the third quarter ended Sept. 30, according to Metro International. Publishers at the Metro Boston and Metro New York were not, however, aware of the sale.

"My understanding is that Metro has been looking for investors and partners in the US to expand its US operations," Metro Boston publisher Stuart Layne said yesterday in an interview.

Representatives of billionaire Examiner owner, Philip Anschutz, were bidding on Metro papers in New York, according to an online report from the Boston Phoenix published on Jan. 11. Anschutz owns free newspapers in several cities, including San Francisco, Baltimore, and Washington, D.C. A spokesman for Anschutz did not return repeated calls for comment last night.

Source: Boston.com through I Want Media

Posted in :