MEDIA PERSPECTIVE: Count on Sly Bailey to build value after Trinity Mirror mess.

Trinity Mirror's trading statement, issued a week ago and containing about as much cheer as a post-courtroom booze-up with Chris 'n' Billie, took no-one by surprise. Another litany of gloom for national titles (the Daily Mirror's circulation falling 5.2 per cent for the first five months and ad revenues also down) alleviated slightly by better performance among its 250 regional titles (ad revenue up by just over 1 per cent).

Expressions of doom and warnings of volatile conditions were met almost with indifference from the market. By Friday, Trinity Mirror's share price had fallen just 4.1p on the week to 429p. Analysts expressed the view that the statement was pretty meaningless until the findings of a strategic review conducted by the chief executive, Sly Bailey. The results will be made public when Trinity Mirror publishes its interim results on 31 July.

If you believe the more gung-ho observers, Bailey will advise the board to sell off one or more of its national titles or hive off its regional business to create a specialist business in either the national or regional market. However, most agree that such radical solutions are unlikely. The disposal of several regional titles (reportedly its Irish titles) is more likely- creating a more streamlined group that will satisfy the City and its shareholders. It seems clear there will be more personnel changes after the departures of national newspaper top brass - the managing director, Mark Haysom, and the ...