Trinity Mirror To Unveil 'New Day' Tabloid

The publisher of The Daily Mirror will this month unveil a weekday newspaper called New Day even as the looming closure of The Independent sparks fresh pessimism about the industry's prospects.

Sky News has obtained key details of the new tabloid being prepared for launch by Trinity Mirror (LSE: TNI.L - news) , the listed company which is also Britain's biggest regional newspaper group.

New Day is expected to launch on 29 February, according to people close to the plans, and will initially be priced at 25p - compared to the 40p cover price of the i, with which it is expected to compete.

The launch is slated to take place on the same day as Trinity Mirror's annual results.

The latest addition to the UK's national newspaper scene will be published on weekdays only.

It (Other OTC: ITGL - news) will target consumers with a mix of national, lifestyle and entertainment news, with earlier reports suggesting that its core audience would be female.

One source said on Wednesday that New Day would seek to have a "broader reach" than just being aimed at women.

Following the launch period, the cover price is expected to rise to more than that of the i, which was sold last week to Johnston Press (LSE: JPR.L - news) in a £24m deal.

ESI Media, which sold the i, said last week that it would cease to publish the print editions of The Independent and The Independent on Sunday next month, and tried to position the move as a bold decision to embrace the growth of digital news consumption.

Around 100 ESI staff are likely to face redundancy as a result of the closure of the newspapers, with some of the remaining employees offered jobs on the Evening Standard, which the company's proprietors - the Lebedev family - also own.

Trinity Mirror is said to be preparing to commit to a print run for New Day of around one million copies, although that will depend on consumers' reaction to the launch of the title, a source said.

It is unclear how much of the editorial material used in New Day will be shared with The Daily Mirror.

Media agencies have been briefed on Trinity Mirror's plans while the company has also secured distribution arrangements with major retailers.

Trinity Mirror has enjoyed a revival under Simon Fox, its chief executive, although its share price has slipped by more than 23% during the last 12 months.

Mr Fox, a former boss of HMV, the music retailer, has placed a number of seemingly counter-intuitive bets on consumers' continuing appetite for print-based news, with circulations continuing to decline.

Last autumn, he acquired control of Local World in a deal worth nearly £200m, while it also held exploratory discussions about acquiring the Express (NYSE: EXPR - news) and Star titles from Richard Desmond, the billionaire owner of Northern & Shell.

Trinity Mirror also owns the Sunday People, while its local newspapers include the Liverpool Echo and Manchester Evening News.

A Trinity Mirror spokeswoman declined to comment on the plans for New Day.