Trinity Mirror, publisher of the Daily Mirror newspaper, said Thursday it intends to sell its sports titles and regional papers in central and southern England and return some of the net proceeds to shareholders.
The company said it intended to focus on its national newspaper titles, which also include the Sunday Mirror and The People, while disposing of sports papers including the Racing Post and regional titles in London and central and southeastern England.
The company said it expected annual cost savings of 20 million pounds ($39 million).
"The proposed disposals will enable us to concentrate on the heart of the group and adopt a new, technology-led operating model that will ensure we serve our advertisers and readers better from a significantly lower cost base," said Group Chief Executive Sly Bailey.
"The new integrated model will allow Trinity Mirror PLC to develop as a multi-platform media business and capitalize on the enormous strengths we have in our core markets."
In a trading update, the company said it expected full-year results to be in line with market expectations.
Through November, it said group advertising revenues on a like-for-like basis were down 9.6 percent. The national papers reported a 10.7% revenue drop. Group circulation revenue was down 0.8%.