Business Services Industry
Metro International SA acquires stake in Santiago-based TV company SUBTV
Nordic Business Report, May 6, 2008
NORDIC BUSINESS REPORT-6 May 2008-Metro International SA acquires stake in Santiago-based TV company SUBTV(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com
Swedish-controlled international media group Metro International SA (OMX Stockholm:MTRO SDB A, MTRO SDB B) said on Tuesday (6 May) that its subsidiary Publimetro Chile has acquired a 35% stake in the Chilean television company SUBTV.
The deal gives Publimetro Chile an option to acquire the remaining shares at a later date.
No financial details were disclosed.
SUBTV, based in Santiago, delivers news, entertainment and information to subway commuters through television screens in stations and in train carriages. The company has 25 employees and is profitable.
"There are significant synergies between Publimetro's publishing business and SUBTV's television business, since they are both targeting the same audience," commented Robert Patterson, executive vice president of Metro International.
"In addition, the innovative transport system introduced in Santiago, Chile in early 2007 has doubled the number of passenger trips to 2.4m per day and this has materially increased the attractiveness of SUBTV as an advertising medium," Patterson added.
Metro International, headquartered in Luxembourg, publishes Metro, the world's largest international newspaper. Metro is published in over 150 major cities in 21 countries, and has some 20m daily readers. Metro International reported net sales of USD453m in 2007.
One British pound (GBP) is worth approximately 1.98 US dollars (USD).
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