Tribune Co said “go away” to Gannett this morning in the US after the latter lobbed an unasked-for US$815 million bid last week. It is not going to be enough, with talk some of Tribune’s major shareholders want the money. In London, shareholders in Trinity Mirror, one of the UK’s major print publishers, meet tonight as they eye a sharp slide in the share price in the past year. Trinity is under pressure from a series of unexpected phone-hacking charges against the Mirror, the stumbling start to the new cheap Monday-to-Friday paper called The New Day, an expensive purchase of regional papers, and falling print ad revenues and weak digital income.
The shares are at their lowest since August 2013 and are down 40% in the past year. Still, the shares are not as low as they were under former CEO Sly Bailey. When she quit in 2012, the shares were trading at 40p. Simon Fox took over and the shares soared to 230p in the next three years, so the close overnight at 113.50p is a big, big slide. Unlike the Tribune, which is a loss maker, Trinity Mirror is making December profits (around 1 million pounds a year, much of it from non-print sources).