Tuesday, April 10, 2007

Copenhagen paper won't show profit until 2010

Last November, Metro International closed its Copenhagen newspaper, leaving three free dailies in that city. One of the remaining papers, the Post (Nyhedsavisen) is "catching up" with its competitors and will show a profit by 2010, according to owner Dagsbrun, the phone company of Iceland. Three years is a long time, but Dagsbrun CEO Gunnár Smár Egilsson has patient shareholders who don't care about immediate returns. Dagsbrun plans to launch a chain of free dailies in the U.S. in the next year, all in cities with existing newspapers.