BERTRANGE, Luxembourg, March 11, 2005 (PRIMEZONE) -- Metro International S.A. ("Metro"), the international newspaper group, today announced that it has completed the joint venture in which The New York Times Company acquires a 49 percent ownership in Metro Boston. The Boston Globe (owned by The New York Times Company) and Metro Boston today began offering joint advertising opportunities to Boston area advertisers seeking to reach a young, active and well-educated audience through both publications.
Completion of the transaction came after The United States Department of Justice said that it had officially closed its inquiry into whether the joint venture between the two newspapers raised anti-trust concerns.
Under the terms of the joint venture, The Times Company will acquire a 49 percent ownership position in Metro Boston for $16.5 million. Metro USA will own the other 51 percent and will continue to control and manage Metro Boston, which will be governed by a Board of Directors made up of Metro USA and New York Times Company executives.
In announcing the planned joint venture in January, Globe publisher Richard Gilman said: "Metro Boston is a natural complement to the Globe's strong readership base and advertising position. With this partnership, we will add to the unmatched reach and impact that we provide to advertisers in the Boston market."
Pelle Tornberg, president and CEO, Metro International, commented: "Metro's Boston edition has been a success, reaching operating profitability within less than three years from launch. The partnership with The Boston Globe is expected to realize significant benefits for both parties."
Metro is the largest and fastest growing international newspaper in the world. 46 daily Metro editions are published in 68 major cities in 17 countries in 16 languages across Europe, North & South America and Asia. Metro has a unique global reach -- attracting a young, active, well-educated audience of more than 15 million daily readers and over 33 million weekly readers. Metro has an equal number of male and female readers and 70% are under the age of 45. Metro's advertising sales have grown at a compound annual rate of 47% since the launch of the first edition in 1995.
Metro International S.A. 'A' and 'B' shares are listed on the Stockholmsborsen 'O-List' under the symbols MTROA and MTROB.
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