IN Pelle Tornberg’s modest office in the heart of Mayfair, one item takes pride of place: a framed photograph of King Gustav of Sweden browsing through a copy of his country’s biggest-circulation freesheet newspaper.

The pictorial reference to the Swedish monarchy is apposite because Tornberg, president and chief executive of Metro International, the Stockholm-listed media group, can claim to be the king of the fast-growing free newspaper industry.

In the 11 years since he oversaw the launch of Metro’s first edition, Tornberg has seen Metro’s global daily readership hit 18.5m, spread across 59 editions in 86 cities in 19 countries and 18 languages.

Now he appears poised to tackle one of the most notable gaps in the Metro portfolio: London. This week Tornberg is likely to register an interest in tendering for an afternoon slot on the Underground, a contest that is also likely to see interest from Associated Newspapers, which already publishes the London Metro that is available on the Tube in the mornings, and News International, owner of The Sunday Times.

But Tornberg nearly failed to become a newspaper empire-builder. Relying entirely on advertising revenues to finance a newspaper business was not considered to be a winner in 1995. Tornberg, who at the time ran the Swedish group Kinnevik Media, was also sceptical.

“I actually recommended to the board that we reject the idea,” he said. “It was really quite stupid, because I was presenting the idea and at the same time thought we had too many other projects to be able to do it properly. Luckily, they overruled me.”

Lucky would be one way of putting it. The group’s reach now includes Hong Kong, Mexico and France, and crucially 74% of Metro readers are under 50, the most attractive audience for advertisers. “When we started in Sweden, people said that at best this was a newspaper for immigrants, schoolchildren and thieves,” said Tornberg, 50. “But our advertiser and reader profiles have made nonsense of that idea in every country where we operate.”

Such was the fear struck into the hearts of some newspaper groups that Metro’s entry into new markets has sometimes been met with aggression.

“When we launched in Paris in 2002, we faced enormous resistance from publishers,” said Tornberg. “We had three lorries destroyed, copies thrown into the Seine and distributors attacked. It made me really happy when we became profitable there last year.”

Metro’s broader financial performance has some way to go, however. Full-year figures announced in February revealed a 19% increase in sales to $359.7m (£205m) and a reduced operating loss of $2.5m; Tornberg has set a clear target of delivering group profitability this year. “Our fourth-quarter performance did not meet our expectations. We have already taken measures to address that,” he said.

It is a problem affecting much of the newspaper industry. With the seemingly inexorable migration of classified- advertising revenues from newspapers to the internet, newspaper executives are engaged in a fresh bout of soul-searching.

Knight Ridder, one of America’s largest newspaper groups, was recently sold after pressure from shareholders, while closer to home Daily Mail & General Trust aborted the auction of Northcliffe Newspapers, its regional newspaper arm, after bidders failed to match the asking price.

But Tornberg has no truck with rivals who bemoan the rapidly changing media landscape.

“Newspaper executives are rivalled only by farmers and taxi drivers in finding so much to complain about,” he said.

They may have more cause for concern if Tornberg finally addresses one of the largest gaps in his empire. Ironically, given the group’s London base, Metro International has no presence in the capital. But now Tornberg believes he may have an opportunity to gatecrash the Associated party.

“London is the best newspaper city in the world. Nobody has ever succeeded in making an afternoon freesheet work, but there is room for more competition here,” he said.

Tornberg is uncharacteristically tight-lipped about the details of any proposals for a London paper. And he scotched rumours that the company might seek a secondary stock- exchange listing in London.

“Why would we? We do not need to raise any money. If we want to make acquisitions, we already have the ability to do that,” he said.

Tornberg is more forthcoming about the future of the media industry and the place of newspapers within it.

“People have predicted the death of cinema, of records and of newspapers. None of them has come true. Paid-for newspapers absolutely will survive because people will pay for quality. But the internet is a factor that the industry has been too slow to embrace.”

The other significant omission from Metro’s portfolio has been a comprehensive online service, but that will be rectified later in the year. The launch of supplements focusing on property, motoring and women is also providing a growing source of valuable advertising income.

“I agree with the philosophy in life that if you want something done, it is better to ask a busy person,” said Tornberg. “We are one of the few European media companies with global ambitions.”

The growth of Metro over the past decade strongly suggests that its boss will be busy for some time to come.

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