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27/07/2001
Belfast morning newspaper’s future unclear
Directors at the News Letter have neither confirmed nor denied that their owner, Trinity Mirror, is looking for a buyer for the Belfast regional morning paper.
However, executives at the Cork-based Examiner Group, who were rumoured this week to be putting in a bid, confirmed the paper was up-for-sale.
However, this rumour - although reported in the Irish News on Friday morning - has been scotched by an executive from Thomas Crosbie Holdings who own the Examiner Group, who said they would not be looking to buy the title at this stage.
The rumour may well serve to send alarm signals throughout the unionist community. The paper, which is the oldest English language daily in the world, is broadly seen as the stalwart of the unionist voice in Northern Ireland. Last year, shock waves were sent through unionist circles when the Belfast Telegraph was sold. Deputy leader Lord John Taylor was among others who raised concerns when the paper was sold to Tony O’ Reilly’s Independent Newspapers Ltd.
The news concerning the future of the News Letter comes amid more bad news for Trinity Mirror Group this week. The news company is to shed 800 staff over the next three years. Analysts’ predictions, with relation to the News Letter, that regional papers will be hit hardest appear to be ringing true.
The company is also best known for publishing The Mirror, but it is also the force behind regional papers such as the Newcastle Evening Chronicle, Liverpool Echo and Birmingham Evening Mail.
It is thought that around 200 staff will go from the regional papers by the end of this year, including 85 from digital media. The decision is part of a cost cutting drive to offset sharp declines in advertising revenue and increased newsprint costs.
The cuts will reduce the group's total 12,500 workforce by 6.5 per cent over three years.
Philip Graf, the company's chief executive, said: "This is not a jobs cut initiative, it is about developing the business."
Mr Graf says the job losses would come from across the group, although industry watchers believe regional papers will bear the brunt.
The group aims to make between £30 million and £35 million of cost savings every
Trinity Mirror has posted an interim pre-tax profit of £80.9 million, a 9.7 per cent decrease from the £89.6 million posted in the same period last year.
The board is recommending that the dividend to be paid to shareholders remain at 5.3p per share.
(AMcE)
However, executives at the Cork-based Examiner Group, who were rumoured this week to be putting in a bid, confirmed the paper was up-for-sale.
However, this rumour - although reported in the Irish News on Friday morning - has been scotched by an executive from Thomas Crosbie Holdings who own the Examiner Group, who said they would not be looking to buy the title at this stage.
The rumour may well serve to send alarm signals throughout the unionist community. The paper, which is the oldest English language daily in the world, is broadly seen as the stalwart of the unionist voice in Northern Ireland. Last year, shock waves were sent through unionist circles when the Belfast Telegraph was sold. Deputy leader Lord John Taylor was among others who raised concerns when the paper was sold to Tony O’ Reilly’s Independent Newspapers Ltd.
The news concerning the future of the News Letter comes amid more bad news for Trinity Mirror Group this week. The news company is to shed 800 staff over the next three years. Analysts’ predictions, with relation to the News Letter, that regional papers will be hit hardest appear to be ringing true.
The company is also best known for publishing The Mirror, but it is also the force behind regional papers such as the Newcastle Evening Chronicle, Liverpool Echo and Birmingham Evening Mail.
It is thought that around 200 staff will go from the regional papers by the end of this year, including 85 from digital media. The decision is part of a cost cutting drive to offset sharp declines in advertising revenue and increased newsprint costs.
The cuts will reduce the group's total 12,500 workforce by 6.5 per cent over three years.
Philip Graf, the company's chief executive, said: "This is not a jobs cut initiative, it is about developing the business."
Mr Graf says the job losses would come from across the group, although industry watchers believe regional papers will bear the brunt.
The group aims to make between £30 million and £35 million of cost savings every
Trinity Mirror has posted an interim pre-tax profit of £80.9 million, a 9.7 per cent decrease from the £89.6 million posted in the same period last year.
The board is recommending that the dividend to be paid to shareholders remain at 5.3p per share.
(AMcE)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
