- Total Posts 163
LONDON (Reuters) – Trinity Mirror said it had spurned an offer for its national newspapers, as it unveiled plans to streamline the business by selling its sports unit, including the Racing Post, and some regional titles.
The group (TNI.L: Quote, Profile , Research), which owns the Daily Mirror and Sunday Mirror, launched a review in August after posting a drop in profits due to a weak ad environment and falling circulation.
Trinity said on Thursday it had considered separating its regional and national businesses by way of a full demerger but concluded that would not benefit shareholders.
It said several third parties contacted the group about acquiring a number of its assets including one conditional indicative offer for the nationals businesses but the board concluded it "substantially undervalued" it.
The firm said it expected the disposals, including the Birmingham Post, the Birmingham Evening Mail, Coventry Evening Telegraph, Croydon Advertiser and South London Press, are to be completed during the second and third quarter of 2007.
It plans to focus on its national newspapers which also include the People and Daily Record newspapers and key regional titles in Scotland, the north of England and Wales and its digital assets.
It said it would integrate its print and online operations more closely.