Nordic Business Report-January 8, 2007-Metro International SA discontinues Polish newspaper
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Swedish-controlled international newspaper group Metro International SA said on Monday (8 January) that it has decided to discontinue its wholly-owned Polish subsidiary TPP Spzoo.
TPP has published the free daily newspaper Metropol in a number of cities in Poland.
Despite being one of Polands largest daily newspapers Metropols financial performance has been below expectations.
The termination of TPP will affect 70 employees and is estimated to cost some USD2.5m.
Metro International, headquartered in Luxembourg, is the worlds largest newspaper group with over 38m weekly readers. Metro editions are published in 93 cities in 21 countries. Metro International is listed on the Nordic Exchange in Stockholm.
One British pound (GBP) is worth approximately 1.97 US dollars (USD).
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