Daily Mirror publisher to launch new cut-price daily paper

. Credit: ITV News

A new cut-price daily newspaper will hit the shelves at the end of the month, published by the company behind the Daily Mirror.

The title - rumoured to be called New Day - is expected to cost between 20p and 25p, and will launch on February 29.

ITV News correspondent Duncan Golestani reports:

It comes less than a week after the i newspaper, understood to be the inspiration for the new title, was sold to regional publisher Johnston Press for £24 million.

The i was launched in 2010 and defied both cynical expectations and the decline seen by other national titles, soaring to a circulation of 268,431 despite doubling its initial cover price to 40p.

Trinity Mirror, which runs the Daily Mirror and the Sunday Mirror as well as a number of regional titles such as the Birmingham Mail and Manchester Evening News, has previously sparked rumours that it was interested in moving into the low-priced tabloid market.

Last March, it confirmed it was "evaluating" assets owned by Northern and Shell - though chairman Richard Desmond denied it concerned a sale of Express Newspapers.