Friday, December 21, 2007

Metro says, 'Czech please!'

For those keeping an eye on Metro International, new chief executive Per Mikael Jensen has made another move as part of his effort to get the giant free-daily company in the black: He sold a 60 percent stake in Metro Czech Republic to that country's MAFRA media group. Terms weren't disclosed, but Jensen is quoted in a news release as saying: "This transaction will bring significant saving opportunities as well as possibilities of packaging Metro with some of the very strong MAFRA titles, which will accelerate the process towards profitability. As such, this is a good example of Metro International's strategy and dedication to stronger financial performance." The sale follows last week's announcement by Metro that it is scrapping a money-losing real estate edition in Stockholm, where the chain got started in 1995.