Trinity Mirror Scraps Buyback To Hunt For Web M&A

UK’s largest newspaper group Trinity Mirror has signalled the possibility of more internet acquisitions this year after cancelling a $434 million share buyback programme.

Sly Bailey, the group’s CEO, said she would consider further online deals after acquiring four classified websites last year for a total of $161 million, led by the acquisition of the recruitment service Hotgroup for $87 million.

Trinity Mirror expects 20% of its recruitment advertising revenues, which account for 10% of total group turnover, to be online over the next two years.

Some more numbers from its 2005 earnings presentation (pdf link) (held yesterday): In 2005 acquisitions contributed total revenues of

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