Trinity Mirror shares today crashed 25% after the group said profits would be 10% lower than expected.

Lord Heseltine, the chairman of Haymarket Media Group, has warned of tightening trading conditions over the next 18 months, as the magazine publisher today announced a 5% increase in pre-tax profits to £31.7m for last year.

Condé Nast will launch a UK version of Wired magazine and its accompanying website next year and has hired the Jewish Chronicle’s editor, David Rowan, to edit it.

Trinity Mirror shares suffered a record one-day fall yesterday after the newspaper publisher admitted that advertising at the Daily Mirror and its sister titles had collapsed by between 12 per cent and 14 per cent in May and June.

“OK – I’m a rubbish reviewer, but here we go.”

ITV executive chairman Michael Grade has criticised the Office of Fair Trading’s decision to refer proposed video on demand service Kangaroo to the Competition Commission, saying there was a “serious problem” with the regulatory framework.

“In the sometimes fraught relationship between old and new media, the BBC is the latest organisation to come under the spotlight.”