Metro International Offloading US Titles, Moving Out Of London
Cash-strapped freesheet publisher Metro International is selling off loss-making Metro USA, its US newspaper business, to Seabay Media, a company formed by its former CEO Pelle Törnberg. The deal means a new owner for the New York and Philadelphia editions of the commuter paper, plus the Boston edition, of which it owns 51 percent in a partnership with the Boston Globe. The three have a combined 590,000 daily circulation and 1.2 million readers. Seabay will continue to publish the Metros under license from the London-based Swedish group, which will continue to sell their advertising and will save it
How typical, the firm was recently advertising for London news staff.
The possible continuous loss for the company might result to much bigger problem. This must be solve immediately by having sufficient amount of capital in order for the operation to get back into normal.