Media: Perspective - Trinity Mirror makes right noises but the sale rumours go on.

You've got to feel sorry for media owners, haven't you? First MindShare puts the Daily Mail's nuts in a vice and pulls some major clients out of the paper, then Trinity Mirror, announcing its interim results last week, finds its national display ad revenues have fallen despite its investment in 'revitalising titles'.

TV and radio ad departments have also been feeling the pinch, while - apparently - agencies have been making hay. Last week's interim figures from Publicis Groupe and Omnicom both made attractive reading for shareholders, especially those of the French holding company. Clearly, this is to over-simplify things - many agencies have also felt the pinch and are delivering results to shareholders by tightening belts and driving staff even harder.

So maybe the likes of Trinity Mirror haven't got it so bad after all, especially when profits across the group are up 14 per cent to pounds 113 million.

It seems it is turning the same tricks as agency groups - cutting costs to deliver results to shareholders. Despite the fall in national ad revenues and comments from its chief executive, Sly Bailey, that 'it is a difficult environment', its national division still managed to increase its profits by 6 per cent after 'tight cost management'.

The danger in this scenario is that quality will suffer. It is arguable, for instance, that the Daily Mirror is no longer the paper it was However, Trinity Mirror should be applauded for stating that it will not become embroiled in yet another red-top ...