Media: Lifeline - Trinity Mirror

Despite a £700 million bid for its national titles, the publisher remains reluctant to sell

2002: With the circulation of the Daily Mirror on the slide thanks to
the unpopularity of the paper's serious tone and its general opposition
to the Gulf War (and despite claims by its editor, Piers Morgan, that a

relaunch will revive its fortunes), many believe that Philip Graf, the

chief executive of Trinity Mirror, will sell the national titles as his
last act in the job.

2003: As Graf's successor, Sly Bailey (pictured) takes up her post, it
is revealed that Apax Partners and Candover have made a takeover bid,
which is rejected. Bailey begins improving group profitability but, in
March, the Daily Mirror's circulation falls below two million.

2004: Speculation again mounts that a serious bid is being prepared for
the whole of Trinity Mirror, with a view to a break-up of the group.
Backers are thought to include CVC Capital, a private equity company.
Both sides continue to deny that substantive talks have taken place and
City analysts say the robust Trinity Mirror share price remains a
hurdle.

January 2005: Yet more bad news on the circulation front as yearly ABC
figures reveal that the Daily Mirror lost 200,000 in sales during 2004 -
despite the departure of Morgan (pictured) and his replacement by the
title's former showbiz editor, Richard Wallace.

July 2005: Although an offer by the conference company boss Marcus Evans
of £700 million for Trinity Mirror's national titles has been
rejected, pressure mounts again when the Daily Mirror's circulation
figure for June shows a 2 per cent decline - wiping out all the gains it
had made in May. Its circulation is now around 1.7 million.

Fast forward ...

December 2005: With Trinity Mirror profits now looking as shaky as the
Daily Mirror's circulation, it seems that the group must inevitably
accept a bid for the national titles fronted by two ex-Mirror bosses -
David Montgomery and Kelvin MacKenzie. But Trinity Mirror underlines its
stubbornness by making a separate (and equally unlikely) bid for the
Independent newspapers.