Two former executives of Swedish newspaper publisher Metro International are to launch a freebie for London's financial district with a budget of around £10 million ($17m; €14m).

The 24-page colour tabloid, called City AM, is to compete with the UK's august business daily, the Financial Times. It is due to hit the streets before the end of this month and will be initially distributed to around 60,000 workers in the area known as the Square Mile.

City AM's key backer is Blue Bull, the investment vehicle of Boudewijn Poelmann, chairman of the Dutch lottery and putative chairman of the new company. The managing director is Lawson Muncaster, formerly Metro International's vp of global sales.

Says ceo Jens Torpe, ex-chief operating officer at Metro: "It [City AM] will be both be about people who earn money in the City and how they spend it." Its strapline is: "The world of business - and the players behind it."

Comments Steve Tyndall, of media buyer Mindshare UK: "If it's done on the cheap . . . it's not going to get anywhere. If it genuinely allows traders to get the key facts they need to do their job well, then it's got a very good chance."

Data sourced from; additional content by WARC staff