Trinity Mirror Closes Saturday Magazines To Cut Costs
Trinity Mirror is to close the Daily Mirror‘s two Saturday magazines M and Look, as part of a wider cost cutting strategy being launched by the publisher.
The company told staff yesterday that the flagship weekly magazine, M, and the listings title, Look, are to close with the loss of as many as 30 jobs. The move is being seen as evidence that all parts of the business are being closely examined.
A spokesman for Trinity Mirror, which is the UK’s largest newspaper group, said: “Our biggest focus is on providing our readers and advertisers with the best quality and value. Refocusing our resources is just one part of the bigger picture for the Daily Mirror going forward.”
The group’s recently appointed chief executive, Sly Bailey (see Bailey Leaves IPC To Replace Graf At Trinity Mirror), is expected to announce a wide ranging cost cutting programme next week when she reports the results of a strategic review designed to achieve a streamlining of administrative structures and better portfolio management across the company.
Speculation suggests that large numbers of jobs will go as part of the drive to increase efficiency and it is thought that distribution, advertising sales and marketing arrangements will all come under the microscope (see Trinity Set To Cut Jobs In Strategic Review).
Trinity Mirror is refusing to comment on the outcome of review and a spokesman for the company said that any news on strategy will be revealed with its interim figures on 31 July and not before.
The tough advertising conditions and the war in Iraq have taken their toll on the publisher, which is still recovering from a £21.8 million cover price battle between the Daily Mirror and News International’s Sun (see Advertising Remains Volatile At Trinity Mirror).
Trinity Mirror: 020 7293 3000 www.trinitymirror.com
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