Trinity Mirror has just bought Globespan - publisher of property information including homesoverseas.
It continues a string of purchases which entended TM's footprint in the property market. That isn't a bad strategy in itself - instead of allowing online media and magazines to take advertising away from the newspapers, TM has bought into the expanding property media universe.
But it's the timing which is breathtakingly awful. The day after the Nationwide index shows a fall in UK property prices - and shortly after DMGT says property ads are sagging - TM puts even more money into the property market.
If I were one of the selling shareholders of Globespan I'd be feeling very happy. And I probably won't be buying Trinity Mirror shares.
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