Free daily Metro closes operation in Spain
Falling advertising revenue is forcing the free newspaper to stop its Spanish edition.
STOCKHOLM – Free newspaper Metro, which is published in 17 countries, on Thursday said it was stopping its Spanish edition due to plummeting advertising revenue coupled with the global economic crunch.
"Although Metro has lost less money than free Spanish newspapers, the heightening of the economic crisis... has led to untenable losses," said Per Mikael Jensen, the head of the Swedish media group which runs the paper.
Jensen said Metro would concentrate on more lucrative markets and stressed that there was "intense competition" in Spain.
Metro is the fifth most read newspaper in Spain with 1.8 million readers. Its closure will mean a loss of between EUR five and six million for the Swedish group which invested EUR 25.5 million into its Spanish subsidiary.
Metro is the world's second largest newspaper in terms of distribution.
[AFP / Expatica]