The FT reported last night that Trinity Mirror, owner of the Daily Mirror newspaper, has launched a review of its editorial controls and procedures amid investor anxiety that phone-hacking allegations could spread beyond the now-defunct News of the World.
“We have to check whether any regulations and controls are dysfunctional and whether bad practice has set in,” said a senior Trinity employee, who declined to be named. “We also need … to ensure that the provenance of stories is understood at senior editorial levels.”
The share price fell by almost 10 per cent yesterday and has slid further today – although bear in mind the context that it also rose sharply last Friday. (UPDATE: We weren’t the first to notice the share price tumbling).