[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Thursday, 31 July, 2003, 09:00 GMT 10:00 UK
Trinity Mirror axes 550 jobs
Mirror newspaper
Trinity Mirror shake-up leaves 550 facing axe
Newspaper group Trinity Mirror is set to cut 550 jobs under restructuring plans.

The company has also put its Northern Ireland newspaper division, which includes the Belfast News Letter and Derry Journal, up for sale.

The group made the announcements as it reported 80.4m ($130m) profits in the first six months of the year, up from 78.4m a year earlier.

Trinity Mirror publishes national newspapers including Daily Mirror and the Scottish Daily Record and about 260 regional titles.

Shake-up

There had been speculation Trinity Mirror would sell off its national titles, or demerge its regional division.

The underperforming Sunday People had been thought to be particularly vulnerable.

Chief executive Sly Bailey, who was brought in earlier this year from magazines giant IPC to turn the group around, said both divisions were safe.

But she promised editorial changes across the nationals, which, she said, had "suffered from a lack of firm management focus and market understanding".

She also backed the Daily Mirror's recent move back towards a more traditional tabloid agenda, after editor Piers Morgan's experiment with more serious news.

"The editorial tone of the Daily Mirror has evolved with the clear pursuit of seriously good popular journalism rather than just 'serious news'," she said.

'Hidden potential'

She announced a three-phase plan to stabilise, revitalise and grow Trinity Mirror's business.

"Significant" savings would be made in all areas, she said, with finance, human resources and IT coming under the microscope first.

The group said it aimed to achieve annual cost savings of 25m by 2005.

"My vision for Trinity Mirror is to unlock its hidden potential for growth," Ms Bailey said.

"The actions I am putting in place will transform our business so that its value as a whole is undeniably more than the sum of the parts."




SEE ALSO:
Trinity Mirror 'had buyout talks'
02 Feb 03  |  Business
Trinity Mirror shuts pension scheme
19 Nov 02  |  Business


RELATED INTERNET LINKS:
The BBC is not responsible for the content of external internet sites


PRODUCTS AND SERVICES

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East | South Asia
UK | Business | Entertainment | Science/Nature | Technology | Health
Have Your Say | In Pictures | Week at a Glance | Country Profiles | In Depth | Programmes
Americas Africa Europe Middle East South Asia Asia Pacific