Metro Greece sold

metroGreece2010Metro Greece, founded in 2000, will be sold by Metro International to Voisins Limited. In the beginning of this year Metro CEO Per Mikael Jensen already said that the Greek edition would be divested if results did not improve. In the current economic situation in Greece, the chances for improvement are minimal of course.

The transaction will result in a one-off cost for Metro of approximately €1.8 million, of which €0.2 million is the expected cash expense, according to the Metro press release.

Metro has a circulation of around 110,000 in Athens, in Thessaloniki it operates a weekend edition. In Greece there is also competition from free dailies City Press and Metropolis.

Voisins Limited – a company registered in Plymouth, UK – will continue the operation as a franchise.

The sale ends Metro’s South European adventure (except for franchises and partnerships). After Italy and Portugal it is the third South European Metro sold, earlier the Spanish and Croatian (franchise) editions were closed down.

One Response to “Metro Greece sold”

  1. George Dimou Says:

    Thanks for the update on Greece. There is also a good site for news in Greece called nea which offers realtime news about Greece. However it’s only in Greece but it’s good to use Google translate with it to get the latest news.