Tue, 22 Aug 2017 | BUSINESS SALE
The publisher of the Daily Mail, DMGT, is considering putting Metro up for sale at a guide price of £35m.
The move comes as print advertising sales decline as commuters are increasingly reading the news on their smart devices.
Last year, Metro suffered a 9 per cent decline in underlying revenues to £65m, as well as a 12 per cent fall in operating profit as advertisers shifted their spending online. Although Metro's revenue for the first half of this year was stable, operating profits took another significant dip as the fall in sterling sharply increased the cost of the imported paper.
The company has since appointed bankers to conduct a strategic review of the title.
Discussions over the sale are part of a wider review of DMGT's diverse portfolio of businesses by Paul Zwillenberg, the recently-appointed chief executive, who is keen to "streamline" the group.
Since Zwillenberg's arrival a year ago, DMGT has already sold and reduced its stakes in various companies including Elite Daily and Euromoney.
Although the Metro's strategic review is still in its early stages, there has already been interest from potential buyers that include Trinity Mirror, Johnston Press and former CEO of Mirror Group David Montgomery’s National World venture.
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