Swedish newspaper publisher Metro International has agreed to sell its three U.S. papers to Seabay Media, a company founded by Pelle Törnberg, Metro’s former CEO.
Metro publishes three daily U.S. editions of its free paper, in New York, Philadelphia and Boston. The U.S. papers have a combined circulation of 590,000 daily and reach around 1.2 million readers, which Metro said is “the biggest advertising market in the world.”
Metro’s president and CEO, Per Mikael Jensen, admitted that the U.S. operations had suffered losses, but added, “After a rough 2007, we have seen many improvements in Metro USA and losses have decreased significantly
The full release is after the jump.