Trinity Mirror to cut 550 jobs
Newspaper group Trinity Mirror has announced that it is to cut 550 jobs to try to create a ‘stronger and better performing company’.
The group also plans to sell its Northern Ireland newspaper division after the announcement of a six-month strategic review of the company.
These announcements come after the company revealed its first-half profits are up 2.6% to £80.4 million, an increase on £78.4m for the same period last year.
Sly Bailey, Trinity Mirror’s chief executive, said that the announcements should save the company £25m a year by 2005 and will ‘unlock its hidden potential for growth’.
‘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,’ she told The Guardian.
Ms Bailey also announced a change in direction for the Mirror newspaper, taking it away from ‘serious news’ towards ‘seriously good popular journalism’. The cuts will also affect the company’s 260 regional papers.
