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Cash-strapped freesheet publisher Metro International is selling off loss-making Metro USA, its U.S. newspaper business, to Seabay Media, a…

Cash-strapped freesheet publisher Metro International is selling off loss-making Metro USA, its U.S. newspaper business, to Seabay Media, a company formed by its former CEO Pelle Törnberg. The deal means a new owner for the New York and Philadelphia editions of the commuter paper, plus the Boston edition, of which it owns 51 percent in a partnership with the Boston Globe. The three have a combined 590,000 daily circulation and 1.2 million readers. Seabay will continue to publish the Metros under license from the London-based Swedish group, which will continue to sell their advertising and will save it

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  1. This is a very tragic downfall for Metro international. Continuous losses plus breach of covenants? I wonder if someone will be interested to fund this operation. Still, shutting down unoperative segment can be the best way to maintain their income generating areas.

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