Destination Unknown: Trinity Mirror, the Bristol

6 7 Destination unknown: A look at the ownership structure of Trinity Mirror, the company behind Trinity Mirror, the Bristol Post Local World and Bristol Post 16% Surprise, surprise. A glance up the ownership ladder shows the top nine companies, who hold 59% of the shares in Trinity and the erosion of local media Mirror, are in the business of asset and investment management. From the financial markets to the pages you read in your local SCHRODERS PLC paper, the likes of Schroder, JP Morgan and Blackrock see your Taking the ‘local’ out of Local World, media as just another investment. British multinational asset management company. and the journalism out of our media Can we deny the impact on the quality of our news when Swiss subsidiary Schroder treated as a financial asset by firms with sometimes questionable & Co. Bank AG fined in tax track records? WORDS ALEC SAELENS evasion scandal, (Sept 2015) DESIGN LAURENCE WARE he £220m deal recently signed unfiltered gateway to the police to publish other market-based industries, firms seek 11% by newspaper corporation press releases. to increase profit by stripping down core 4% Trinity Mirror to acquire Local expenses. With the Local World acquisition IN COMPARISON: T World, owner of the Bristol Post In the Post and elsewhere, sponsored made public, TM asserted its intention to and over 100 other print and content and shameless advertorials have also make £12m cuts within two years, on top of APPLEBY TRUST AVIVA PLC (Morley web publications, is the latest symptom been given more prominence both online raised savings targets of £20m announced of a phenomenon rippling through and in print. Journalists have become more earlier in the year. (Jersey) LIMITED Fund Management) the UK’s local media sector. For many, desk-bound and less able to report on the the importance of such change may go ground. A 2015 memo from Trinity Mirror Between them, Trinity Mirror and Local people history CABLE the BRISTOL Fiduciary and administration trustee of Multinational insurance provision. unnoticed. stated: “The days are long gone when we World have overseen the shutdown of 25 RGB 38 46 100 could afford to… report everything that local newspapers since 2012, against only 11 Trinity Mirror Employees’ Benefit Trust. Fined £17.6m for failure to manage With this takeover, Trinity Mirror’s happened on our patch.” startups. The effects are predictable: a study Also operates from offshore jurisdictions conflict of interests at expense of | ISSUE 06 influence becomes overwhelming. It’s an by the Media Reform Coalition shows that in Jersey, Bermuda, Isle of Man, BVI, customers, (February 2015) unmatched financial heavyweight and with This threatens local democracy. “The lack out of 406 local government areas, only 131 hip C 247 publications in total, it’s now the single of journalists and the decline in expertise are directly served by a local daily paper. Guernsey ers har wn t largest owner of media in the UK’s local on subject areas means that, potentially, infographics O publishing sector. With two other media scandals could go unreported,” warns As local journalism is gradually hollowed groups, it dominates 70% of the local media Paul Breeden, Bristol National Union of out, large publishers show little concern RGB 242 230 36 | ISSUE 06 market. Journalists (NUJ) branch chair. with the value of local papers as popular sources of information, providing a reliable 5% Such profit-driven acquisitions are part of Local World and its competitors also tend representation of ideas and the associated a long and complex process that deplete to have increasingly little ‘local’ about their democratic engagement. the BRISTOL CABLE CABLE the BRISTOL 3% the journalism and independence that operations. Carbon-copy website designs STANDARD LIFE give the local media landscape its value. devised in centralised management offices Redefining local media debate The sweeping concentration of ownership make for formulaic local media, while A quick look at Bristol’s media history INVESTMENTS LIMITED and ensuing decisions made by directors stories are often sub-edited in ‘hubs’ far shows how people coming together has ROYAL LONDONRGB 55 57ASSET 54 have an impact on the structures of media from the communities they’re read by – improved local democracy. In 1932, Investment management organisations and, down the line, on the leading editors at some titles to complain of contesting a monopoly on media ownership, 540 MANAGEMENT (UK) information they produce. having to change up to 80% of headlines. representatives of a cross-section of Bristol’s business sector and civil society founded members: What it says on the tin… Editorial erosion Meanwhile, intrusive advertising on web and became directors of what is now the Bristol’s only local daily hasn’t been spared platforms creates confusion for readers Post. investigation by previous owners keen to maintain high who see news and commercial information RGB 137 130 176 profits. The first decade of the 2000s saw presented on a par. Online content has Large-scale investments in small shares 5% repeated deep cuts to editorial staff, and become a primary means to increase by lay people showed the popularity of a further ominous transformations have audience traffic, widen advertising visibility publication that could challenge the Bristol gathered pace in the past three years. and generate income. Some journalists Evening World, part of Lord Rothermere’s ABERFORTH have challenged this mindset, with Trinity media empire. It had become the single In 2012, David Montgomery left his position Mirror recently dropping proposals to set major publication in the city after a deal 5% PARTNERS LLP as CEO of Trinity Mirror to found Local individual audience-reach targets after NUJ with another media baron led to the closure Investment management World from scratch. The venture rapidly members voted for strike action. of the Bristol Times and Echo. 5% became one of the largest publishers in the All equal BLACKROCK INC country, acquiring titles from numerous Shrinking print Today the Post’s old motto, “The paper all competitors. The industry’s direction is dictated by what Bristol asked for and helped to create,” has share holders Multinational investment management. Trinity Mirror’s chief executive Simon lost its pertinence. But, as NUJ Bristol vice- World’s largest asset manager - $4.5tn PREMIER FUND Early in his tenure as chief executive, Fox has called the “structural pressures” chair Christina Zaba points out, the need to Accounts are regularly Given record €3.25m fine by German MANAGERS LTD Montgomery took on the task of it faces. The 2014 fall in print circulation speak truth to power in our city is as great as published online financial authorities for years of 5% restructuring the papers and their editorial and advertising income for Trinity Mirror it’s ever been. Asset management approach. In a notorious letter sent to all and Local World merely continues years misrepresenting stakes in 50 of country’s staff, he outlined the new role of journalists of tumbling revenues, withering local “Everyone on every side would benefit from largest companies (March 2015) JPMORGAN ASSET as content managers, responsible for publishers’ traditional business model. a well-resourced and proudly independent, sourcing and promoting “content produced balanced local media, able to ask awkward MANAGEMENT (UK) LIMITED by third-party contributors”. This practice While they’re still turning profits, Local and important questions,” she says. Here’s 41% other shareholders - has seen Montgomery accused of an “attack World and Trinity Mirror’s response is made hoping that future pans out. information not available Asset management. on democracy” by the Chartered Institute explicit in their annual reports: cut costs for Journalists after Local World offered an and invest in digital development. As in Sister company JP Morgan Securities Plc paid no UK tax despite $2.6bn profits (2014).

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