Economy

Trinity Mirror in talks to buy Desmond's Express and Star

Trinity Mirror in talks to buy Desmond's Express and Star”

The owner of the Daily Mirror has said it is in talks to buy the owner of the Daily Express and Daily Star.

He bought the Express titles, which also include the Sunday Express, in 2000 for £125mln, but rumours that he could be looking to offload the newspapers have been around for a while as Northern & Shell has been slimming down its other media holdings.

United Kingdom newspaper groups have been battling against falling print circulation and weakening demand from advertisers.

Newspaper reports earlier in the year had suggested Trinity might buy OK!

On Friday it said that it was "in discussions to acquire 100 per cent of the publishing assets of Northern and Shell".

Trinity Mirror has not been spared the financial pressure.

Northern & Shell, founded by Richard Desmond, previously also owned three television channels, Channel 5, 5* and 5USA, until 2015.

The latter was irked by the development and slashed the price of his newspapers and triggered a price war with its direct rival, while Trinity Mirror chief executive Simon Fox paid £220m for regional newspaper group Local World. The company said that the need to reduce costs came amid a decline in print advertising, coupled with digital revenue not growing at a rate to offset those losses and heavy costs from its worldwide expansion. Desmond's Daily Express sells 380,632 and the Daily Star sells 421,812.

It added that there was no certainty an agreement would be reached, and any deal would need to be approved by Trinity Mirror shareholders.

In the past five years, weekday circulation at its flagship Daily Mirror has dropped by 42 percent to 625,278 in July, according to the Audit Bureau of Circulation, an industry monitor.

The difference has prompted many to note the difference on editorial stance between the Express and the Mirror on many issues.



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