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Metro International (STO:MTROA) Publimetro Chile, a subsidiary of Metro International SA, the leading global newspaper, has purchased a 40% equity interest in Editorial Previa S.A. as well as an option to acquire the remaining 60%.
Editorial Previa S.A., which was profitable in the first half of 2008, publishes under license in Chile, two high quality glossy sports magazines, El Gráfico and Golf Digest. El Gráfico, which is also published in Argentina, Costa Rica, Peru and the Canary Islands has a monthly circulation in Chile of approximately 10K copies, most of which are kiosk sales. El Gráfico, which was initially focused on football, covers a wide range of sports.
Golf Digest is a monthly golf magazine, published in Chile under a license awarded by Advance Publications Inc, a leading US media group. Golf Digest is the worlds' largest Golf magazine title in the world and is currently published in 30 countries. Its circulation in Chile, where golf is a small but fast growing sport, is currently approximately 3K copies.
Pablo Mazzei, Managing Director of Publimetro Chile and of Metro International's other interests in the Latin American Region, commented: 'This investment will enable Publimetro to expand its portfolio of products suited to advertisers looking to reach high socio-economic consumers. The communication budgets of some of these advertisers exclude newspapers and non glossy magazines and hence El Grafico and Golf Digest fill a void in Publimetro Chile's portfolio.'
Robert Patterson, Executive Vice President of Metro International, stated:' El Grafico and Golf Digest are luxury magazine brands with rapidly growing advertising sales. Both titles are well regarded amongst decision makers in the Chilean advertising industry. We foresee realizing both sales and cost synergies. '
