Executive Summary

The UK local and regional newspaper industry presents a paradox. On the one hand: • Profit margins are very high: almost 19 % at Trinity Mirror, and 38.2 % at the Western Mail and Echo in 2005 • Newspaper advertising revenues are extremely high: £3 billion in 2005, newspapers are the second largest advertising medium in the UK But on the other hand: • Circulations have been declining steeply: 38 % drop at Cardiff’s Western Mail since 1993, more than half its readers lost since 1979 • Companies have implemented harsh staffing cuts: 20 % cut in editorial and production staff at Trinity Mirror, and 31 % at Western Mail and Echo since 1999 • Journalists ’ workloads are incredibly heavy while pay has remained low: 84 % of staff at Western Mail and Echo think thei