Metro Pulls Out of Spain

05 February 2009

LONDON: Metro International, the London-headquartered Swedish publisher of free newspapers, has shuttered its Spanish business. The Spanish Metro, which last appeared on 29 January, was the nation's fifth most-read daily newspaper.

The closedown is forecast to produce a book loss of up to €6 million ($7.71m; £5.43m) including non-cash items, the cost of which will be incorporated within Metro International's results for Q4 2009.

According to Metro president/ceo Per Mikael Jensen: "A continued investment in Spain cannot be justified at this point and we are therefore focusing our resources on growth areas where we can create long term shareholder value."

Data sourced from M&M Global; additional content by WARC staff