Sly Bailey, chief executive of Trinity Mirror, has apparently ruled out the demerger of the company’s national and regional newspapers but is expected to announce shortly a thorough cost-cutting programme.
According to reports, Bailey, who has carried out a strategic review, is planning to slash overheads and cut between £20 million and £30 million from the technology budget.
It is believed that the findings of the review were presented to the Trinity Mirror board last Thursday and proposals will be unveiled to shareholders when interim results are reported later this month.
Bailey has again dismissed the possibility of selling major titles but it seems she may be willing to offload a magazine or two if a fair price can be obtained. There has also been speculation that Trinity’s Northern Ireland titles could be sold off.
It is hoped that Trinity Mirror will be in a position to report like-for-like growth but the cost saving is not expected to make a tangible difference until late next year and possibly not until 2005.
The group admitted recently that advertising conditions had remained volatile in the first half of 2003 with Q2 revenues hit by the war in Iraq.
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