Trinity Mirror plc (LSE: TNI) is a large British newspaper and magazine publisher. It is Britain's biggest newspaper group, publishing 240 regional papers as well as the national Daily Mirror, Sunday Mirror and People, and the Scottish Sunday Mail and Daily Record. Its headquarters are at Canary Wharf in London. Listed on the London Stock Exchange, it is a constituent of the FTSE SmallCap Index.

History[link]

The Daily Mirror was launched by Alfred Harmsworth for gentlewomen in 1903.^[3] The company was first listed on the London Stock Exchange on 2 December 1953.^[4]

In 1958 the International Publishing Company (IPC) acquired Mirror Group Newspapers, but IPC was in turn taken over by publishing giant Reed International in 1970.^[5] In 1984 Pergamon Holdings, a company owned by Robert Maxwell, acquired the Daily Mirror^[3] from Reed International. The Company was relisted as Mirror Group in 1991.^[6]

The company went on to buy Scottish & Universal Newspapers in 1992, and in 1997 it acquired the Birmingham Post and Mail.^[3]

Trinity Mirror was formed in September 1999 by the merger of Trinity plc, a company formed in 1985 to buy the Liverpool Post and Echo, with Mirror Group plc. As a condition of the merger Trinity Mirror was forced to sell the Belfast Telegraph group.^[3] The next year, the company acquired the regional publisher Southnews.

During 2005 the company introduced a number of measures to manage discretionary spending more carefully, some of which attracted press attention.^[7]

In 2007 the company sought to sell a number of titles: the Reading Chronicle was sold to Berkshire Media Group^[8] and 25 Trinity Mirror South titles were sold to Northcliffe Media.^[9] On 1 October 2007 it was announced that the sale of the Racing Post had been completed: the entire sale process had raised £263 million.^[10]

In September 2008 the company announced that it would be closing the printing plant in Liverpool after 154 years of printing in the city, and transferring the work to Oldham.^[11]

In February 2010, Trinity Mirror acquired the regional M.E.N Media and S&B Media divisions of the Guardian Media Group, containing 22 local titles across Northern England and in Surrey and Berkshire; this includes the Manchester Evening News and Reading Evening Post.^[12]

In March 2010,Trinity Mirror stated that it will end its bout of staff cuts and newspaper closures. The announcement came as the company reported pre-tax profits of £72.7m for 2009, exceeding analysts expectations.^[13]

Operations[link]

Trinity Mirror's printing division, Trinity Mirror Printing Ltd, is located at nine press sites throughout the UK, printing and distributing thirty-six major newspapers for the UK, including the Daily and Sunday Mirror, The People, the Daily Record (in Scotland), and other contract titles including titles for the Guardian Media Group.^[14] Trinity Mirror also owns a number of local titles in Northern England and in Surrey and Berkshire, after acquiring a number of titles from the Guardian Media Group in 2010. For a list of local and national titles owned by Trinity Mirror, see List of Trinity Mirror titles.

Subsidiaries[link]

• Mirrorsoft

References[link]

External links[link]

• Trinity Mirror Official site

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Sylvia Bailey, née Grice (born 24 January 1962), is the chief executive of Trinity Mirror, the UK's largest newspaper publisher, and a non-executive director of EMI. She was named as one of the "50 Most Powerful Women in Britain" by Management Today and as one of Britain’s most influential women by the Daily Mail. She was also named as one of the top 20 most influential figures in media by MediaGuardian and as one of the top 50 most powerful businesswomen outside the United States by Fortune. Currently she is on the Press Association board and president of NewstrAid, a charity for the distribution and retail trade.

Late on 3 May 2012 it was announced that Bailey is leaving her post at Trinity Mirror by the end of the year.^[1]

Early life[link]

Her father was a freelance financial journalist.^[2] She was educated at St Saviour's and St Olave's Grammar School for Girls, in Dulwich, south-east London. In 1978 she briefly attended the Italia Conti theatrical school.^[3]

Career[link]

Bailey began her career as a make-up artist for Revlon. In 1984 she joined The Guardian newspaper working in advertising sales. Bailey became advertising manager at The Independent newspaper in 1987.^[3]

Before joining Trinity Mirror as chief executive in 2003, she was chief executive of AOL Time Warner's IPC Media group, the UK's leading consumer magazine publishing group. She was elected to the board of IPC at the age of 31, and she was subsequently named chief executive at the age of 37. In October 2001, at the age of 39, she successfully led the £1.15 billion sale of the IPC to Time Inc, the publishing division of AOL Time Warner.

Compensation[link]

In 2005 her bonus was cut by more than £100,000, but in April 2006, Trinity Mirror awarded her a 12.9% increase on her £620,000 salary, just months after several hundred of its 11,000 staff had been made redundant due to slumps in advertising revenue.

Bailey received a 41.8% increase in her remuneration package in 2006. At the same time management continued to make redundancies and impose below inflation pay increases on its staff.^{[citation needed]}

Unsure what direction to take in managing its newspapers, in late 2006 the Trinity Mirror board brought in management consultants who recommended the sale of assets including the Racing Post, Midland Independent Newspapers and Trinity Mirror South. The disposals were forecast to achieve proceeds in excess of £600 million.

In the event, the Racing Post and the remainder of the company's sports division, and parts of TMS were the only sales achieved. Proceeds of the sales were £263 million. A management buy-out of MIN fell through, and an assorted rump of unsaleable titles from TMS remained with the company.

Group pre-tax profits in 2007 were £191 million, down from £192 million, on revenue of £1.009 billion, down from £1.073 billion. Circulation figures continued their decline.

Nevertheless, Bailey qualified to receive 100% of her bonus entitlement, which at £793,000 was equivalent to 110% of her salary. Her remuneration package included a further £240,000, 33% of her salary, as her annual pensions contribution.

On 30 June 2008, Trinity Mirror issued a trading statement forecasting a 10% reduction in anticipated profits, leading to a collapse in the share price to a low of 73.5p, compared to its 12-month high of 557.5p.^[4] Currently shares in Trinity Mirror stand marginally above 42p with a market cap of £106.55m.

The Independent's media columnist Stephen Glover pointed out that the company's market value had slumped from £1.5 bn to £250m, and commented: "... it is difficult to see how Sly Bailey, Trinity Mirror's preposterously well-rewarded chief executive, can remain much longer in her job . . . "^[5]

Regardless of the growing crisis, Bailey went ahead with her holiday plans, and according to City Spy in London's Evening Standard, flew to Sardinia by private jet from Farnborough Airport, at a reported cost of £20,000.

Phone hacking inquiry[link]

In July 2011 Bailey launched an investigation into editorial controls and procedures at Mirror Group newspapers following allegations of phone hacking.^[6] Bailey is set to become the first serving media proprietor to appear at the Leveson Inquiry into phone hacking in October 2011.^[7]

Personal life[link]

She is married to businessman Peter Bailey and supports Tottenham Hotspur.

Awards[link]

• Sly Bailey was awarded an Honorary Degree from the University of East London in 2005.^[8]

References[link]

1. ^ Josh Halliday and Lisa O'Carroll "Trinity Mirror chief executive Sly Bailey steps down", The Guardian, 3 May 2012
2. ^ Trinity Mirror's Sly Bailey in battle for survival | This is Money
3. ^ ^{a b} Has Sly Bailey finally cracked the 'Mirror'? - Media, News - The Independent
4. ^ http://www.trinitymirror.com/tm_headline=trinity-mirror-plc-trading-update%26method=full%26objectid=21046140%26siteid=111046-name_page.html
5. ^ Stephen Glover on The Press - Stephen Glover, Opinion - The Independent
6. ^ Now Trinity Mirror feels the hacking heat - Business News, Business - The Independent
7. ^ Leveson inquiry: Paul Dacre and Kelvin MacKenzie to appear next week | Media | guardian.co.uk
8. ^ "UEL Alumni Newsletter". http://www.uel.ac.uk/alumni/newsletter/december2005.htm.