Trinity Mirror is set to make up to £45million worth of cost cuts over the next two years following a slump in advertising revenue of 20%
The publisher of The Mirror, The Daily Record and Sunday Mail as well as around 150 regional newspapers has unveiled the additional cost-cutting programme as it saw its advertising revenues continue to fall by 11.4 per cent during the 17 weeks to October 26.
Trinity Mirror said that it would deliver annualised cost savings of £25million this year, £5million ahead of target, and would be looking to make an additional £20million in savings next year.
Since the end of June, Trinity Mirror has closed 17 titles including The Derby Trader and Formby Times while a further 11 have closed since the beginning of the year.
The statement from the company also claimed that the closure of its Liverpool press site would result in a non-cash charge of £15million this year.