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The owner of the Mirror and Express newspapers has slumped to a £113m half-year loss after slashing the value of its regional publishing operations.
Reach, formerly known as Trinity Mirror, said the £150m charge reflected a "more challenging outlook" for its regional businesses.
They include the Manchester Evening News, Daily Record and Liverpool Echo.
The results are the first since Reach completed its takeover of the Express and Star titles from Richard Desmond.