Mecom rocked by low ad sales

EUROPEAN publishing group Mecom reported a two per cent drop in revenues to €1.06bn in 2011 as advertising income fell seven per cent to €461.5m.

Pre-tax losses were €33.4m – an improvement on 2010’s loss of €94.8m.

Mecom also said it had acquired near total control of Wegener, its Dutch regional newspaper unit that accounts for 83 per cent of the group’s profit, by buying a 13.3 per cent stake from Governance for Owners – thereby taking its holding to 99.7 per cent.

Mecom boss Tom Toumazis said the company was considering delisting Wegener from the Dutch exchange.