Metro sells part of Canadian operation
Metro International has sold part of their interest in the English speaking part of Canada its partner Torstar on October 14.
The sale is of 40 percent of the effective economic interest in Metro English Canada for €37.0 million pre-tax value as well as yearly franchise fees. Metro will continue to hold the remaining 10 percent of the equity and will have representation on the Board.
Metro partnered with Torstar in Toronto in 2000 after both companies made peace after launching competing free dailies. Torstar started GTA Today, Metro launched Metro Today while Sun Media started FYI Toronto, all in the last week of June 2000.
Metro launched eight English editions in Canada (Toronto, Vancouver, Ottawa, Calgary, Edmonton, Halifax, Winnipeg, London) and one French language edition in Montreal.