Free Newspapers Giant Mulls US Closures

02 September 2008

NEW YORK: The world's largest publisher of free newspapers, Metro International, is rethinking its strategy in the US where its titles have been badly affected by the advertising revenue slump.

The company, based in Sweden but headquartered in Luxembourg, says it is looking at all options for its business across the Atlantic, including new partnerships.

However, ceo Per Mikael Jensen warns that if such tie-ups do not materialise, titles may be closed and branded the US media market "completely crazy".

Metro publishes in Philadelphia, Boston and New York.

In July it posted a net loss of €1.9m ($2.78m; £1.5m) for the second quarter compared with a net profit of €1m in the year earlier period. The losses were heaviest in the US and Spain.

Data sourced from The Times Online (UK); additional content by WARC staff