Trinity Mirror, publisher of the Daily Mirror and the Sunday People, announced in January that chairman Sir Victor Blank is to step down in May after eight years. The appointment of the next chair is expected to play a crucial role in deciding the Daily Mirror's future at Trinity Mirror.
Blank has long been a champion of retaining the Daily Mirror but his departure could lead to a change in strategy. Some shareholders, such as Tweedy Browne which has increased its stake to above the 5% mark, are pushing for the sale.
Harris Associates has steadily been increasing its stake in the company since November 2005. The US fund manager owned less than 3% of Trinity Mirror in the autumn, but this increased to 9.04% in January.
Speculation about the future of Trinity Mirror's national newspapers is believed to arise from the company viewing its regional titles to be more profitable. Trinity Mirror has yet to announce the appointment of its new chairman.
Harris is also continuing to increase its holding in the UK's second-largest regional publisher Johnston Press. After buying during January and February, it yesterday bought a small tranche of shares to raise its holding to 8.01%.
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