Mirror clashes with US backers
TRINITY Mirror's major American shareholders have told senior management they are deeply unhappy about harsh criticism of President George Bush and his policies in the Daily Mirror, the group's flagship newspaper.
They are believed to be incensed by the front page of the paper on Thursday - Independence Day - that branded the US a 'rogue state' undermining 'the basis of international law'.
The views of US investment houses Fidelity, Capital Group and Tweedy Browne carry enormous weight because they are Trinity's three biggest shareholders with a combined stake of 31%. Some of the Mirror's major advertisers, who spend millions of pounds each year, are also American.
Their intervention could raise concerns about the pressures that foreign shareholders can exert on the editorial freedom of British media groups. It could also create tensions between Trinity chief executive Philip Graf and Mirror editor Piers Morgan. He has already fallen out with the Government over his criticism of the war in Afghanistan. He was also embroiled in a probe into the role of the paper's City Slickers share tippers.
The offending piece on Thursday by veteran correspondent John Pilger compared America's leadership to Nazi Germany's, and said Prime Minister Tony Blair had become 'a poodle'. At least one major investor confirmed that it called 'senior Trinity Mirror management to make our displeasure clear'.
'We made our views known as major shareholders,' said Tom Shrager of New Yorkbased fund manager Tweedy Browne, which owns 4% of Trinity, but has no plans to sell. 'However, we felt that management should know how we view such editorial material.' Shareholders are believed to be worried about a backlash by their own investors.
