Mixed results for Schidsted’s free dailies

Schibsted’s free daily 20 Minutos in Spain has moved from making a profit in the first six months of 2007 (€1.8m) to a loss in the same period in 2008 (-€2.6m). Total profits in 2007 were €0.6m. Schibsted called the advertising market in Spain ‘challenging’.

“Spain’s macroeconomic developments are weak. The advertising market for print media is weaker, and this affects Schibsted Classified Media and 20 Minutes.”

Readership in Spain, however, is developing very well, it is the best-read daily in the country. Earlier also Metro expressed their disappointment with the Spanish market.

The position of 20 Minutes in France seems to be somewhat better, the paper made a profit of €1.3m – in 2007 it lost money in France.

The results for the Baltics were Schibsted publishes paid and free dailies are also mixed: “The Baltic operations’ results also worsened, although the Lithuanian operations improved.”

The cost linked to the closure of Swedish free daily Punkt SE, amounted to NOK 58 million (€7m) in 2008.

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