But chief executive Simon Fox has played down the importance of cost synergies, saying the £220m deal was rather about “investment and growth.”
Cost synergies were listed among the four key benefits of the proposed deal, along with extending TM’s digital reach, creating a “stronger and more resilient” organisation, and making TM the biggest regional publisher in the UK.
Within the £10-12m of savings identified, the biggest saving will come from central management costs which is expected to yield £3.5m.
Among senior executives leaving the newly-enlarged business will be LW chief executive David Montgomery and corporate development officer Lisa Gordon, although others are expected to follow.
Other savings are likely to come from content generation (3.2m), advertising (£2.3m), digital (£1.6m) and printing and distribution (£1.4m.)
In media interviews following the announcement, Simon said the group was “absolutely not” looking to close titles but would not rule out job cuts.
“In any deal you would expect there to be some synergies,” he said. “But this deal isn’t about synergies. There are no specific plans. It is about investment and growth.”
The press announcement stated: “The enlarged group will benefit from Trinity Mirror’s track record of successful cost management, creating scope for cost synergies.
“Cost synergies are expected to arise through the implementation of Trinity Mirror’s tight management of the cost base, by deploying know-how learned during the delivering of historic structural costs savings in Trinity Mirror’s own regional businesses and through the integration and future operation of certain activities on a group-wide basis across the enlarged group.
“The synergies identified above reflect both beneficial elements and relevant costs that will arise as a result of the acquisition.
“These synergies are contingent on the acquisition and could not be achieved by Trinity Mirror and Local World operating independently.”
With a 30pc share of the regional market, this will not only make it the biggest regional publisher but the the largest newspaper publishing business in the UK combining both regional and national titles.
Trinity Mirror said the acquisition represented “a unique opportunity to transform the scale of the Trinity Mirror Group’s regional news business.”
It said the LW portfolio represented “a strong strategic and a complementary geographic fit with Trinity Mirror’s existing portfolio of titles and websites” which would provide advertisers with “a more efficient footprint of regions from which to advertise to their target audiences.”
“Trinity Mirror believes that the combination of the two businesses to create a regional and local multimedia business of scale will provide national advertisers with access to a larger footprint of key metropolitan areas,” said the statement.
“The combined regional businesses will also be more resilient in responding to the structural challenges faced by the industry and will thereby assist in safeguarding the future of independent local news and plurality of voices.”