The Competition Authority and Minister for Enterprise Micheál Martin have approved an investment by The Irish Times Ltd in the freesheet newspaper, Metro.

The Irish Times will initially take a 45 per cent stake in Fortunegreen Ltd, the company which publishes the newspaper. The other shareholders in the project are Associated Newspapers Ireland, with a 45 per cent stake, and Metro International, with 10 per cent.

However, Metro International is ultimately expected to increase its stake in a move which will see the shares divided equally between the three partners.

A statement from Metro said: "On December 1st, the Competition Authority approved the proposed acquisition of joint control of Fortunegreen Limited, the publishers of Metro.

The Minister for Enterprise, Trade and Employment has decided not to act in relation to the transaction during the subsequent 10-day waiting period and the decision of the authority therefore took effect on 11 December."

According to recent figures released by the UK's Audit Bureau of Circulations (ABC) the paper has an average daily distribution of 55,196 copies. This is done from 92 distribution points in the city.

This week Metro released details of market research it commissioned from the consultancy company Behaviour and Attitudes. A survey of 1,021 people was undertaken as part of the research.

According to the results, 62 per cent of readers were in the ABC1 socio-economic category, while 77 per cent of readers were aged between 18 and 44.

Almost 60 per cent of the readers were single, with 64 per cent representing the chief income earner in their household.