Metro International to sell 80% of Portuguese title
Posted by Simon Day on June 11, 2009 at 12:23 PM
Free newspaper publisher Metro International is set to sell an 80 percent share in Transjornal Edicao de Publicacoes, the publisher of Metro Portugal, to Portuguese company Holdimedia SGPS SA, according to a statement released by Metro, posted by Trading Markets.
As part of the sale, Holdimedia, now the majority owner, has entered into a franchise agreement with Metro International, which will continue to publish the free Portuguese title.
As part of the sale, Holdimedia, now the majority owner, has entered into a franchise agreement with Metro International, which will continue to publish the free Portuguese title.
Holdimedia is owned by Alberto Do Rosario, former chief executive of Portugal's Lusomundo Media.
Metro International chief executive, Per Mikael Jensen, said the deal is one of a number of similar moves the company is considering in hopes of strengthening its presence in markets across Europe, according to the press release.
The company said the deal will have little immediate influence on EBIT and will not affect the company's cash flow for 2009. The economic impact on Metro Portugal will also be negligible during the third quarter 2009.
The sale price was not disclosed.
Metro International chief executive, Per Mikael Jensen, said the deal is one of a number of similar moves the company is considering in hopes of strengthening its presence in markets across Europe, according to the press release.
The company said the deal will have little immediate influence on EBIT and will not affect the company's cash flow for 2009. The economic impact on Metro Portugal will also be negligible during the third quarter 2009.
The sale price was not disclosed.
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