Marketing

Daily Mirror owner blames Google for lost search income

Group revenue fell 14.1 per cent in the quarter, while planned restructuring, including print site closures, carries estimated cash costs of £35 million to £40 million.

A commuter picks up a copy of the Daily Mirror at a London newsstand

Copies of the Daily Mirror at a London newsstand. Digitally illustrated image.

By Bushletter Newsroom · 15 October 2026

TLDR

Reach plc, publisher of the Daily Mirror and Daily Express, reported a 29.7 per cent fall in search and platform referral revenue in the three months to September 2026, blaming industry-wide disruption in referrals, primarily from Google. Group revenue fell 14.1 per cent in the quarter.

Search referral revenue slumps

Reach plc, the publisher behind the Daily Mirror and Daily Express, recorded a 29.7 per cent drop in indirect digital revenue, the search and platform referral income that has long underpinned its online business, in the three months to 30 September 2026.^[1] Reach blamed ongoing disruption in referrals, primarily from Google.

"Q3 digital trading continues to see the impact of ongoing industry-wide disruption in referrals, primarily from Google," the company said.^[1] Publishers have blamed Google's AI Overviews, which answer queries directly in search results, for cutting the clicks that reach their sites.

Revenue declines across the board

Group revenue fell 14.1 per cent in the quarter and is down 10.8 per cent across the nine-month period to September 2026.^[1] Total digital revenue declined 20.3 per cent year on year, while direct digital revenue drawn from subscriptions and owned-audience channels fell a more modest 5.5 per cent.^[1]

Print revenue fell 12 per cent year on year in the same quarter.^[1] Reach said it had initiated restructuring plans, including the planned closure of print sites, with total cash restructuring costs for the full year estimated at £35 million to £40 million.^[1]

Licensing deals and full-year outlook

Reach said AI licensing arrangements had partially offset the referral traffic loss through off-platform revenue, without disclosing financial terms.^[2] Reach said it remained on track to meet full-year expectations, with the consensus adjusted operating profit forecast sitting at £95.1 million.^[3]

Reach released the trading update for the period ending 30 September 2026 to the London Stock Exchange on 13 October 2026.^[2]

KEY TAKEAWAYS

01Indirect digital revenue from search and platform referrals dropped 29.7 per cent in the July to September quarter.

02Group revenue fell 14.1 per cent in Q3 2026 and 10.8 per cent across the nine-month period.

03Print revenue declined 12 per cent year on year in the same quarter.

04Restructuring plans, including print site closures, carry estimated cash charges of £35 million to £40 million.

05Reach remains on track for a full-year adjusted operating profit consensus of £95.1 million.

This article contains analysis and commentary on market conditions. It does not constitute financial, investment, or professional advice. Past performance is not indicative of future results. Always consult a qualified adviser before making financial decisions.

SOURCES & CITATIONS

FREQUENTLY ASKED QUESTIONS

What are Google AI Overviews and why do they affect publishers?

Google AI Overviews are AI-generated answer summaries that appear at the top of search results, providing direct answers to user queries. When users find what they need without clicking further, publishers receive less referral traffic and the advertising revenue that comes with it.

Is Reach plc still profitable despite the revenue decline?

Reach said it remains on track to meet full-year expectations, with the consensus adjusted operating profit forecast at £95.1 million, according to its October 2026 trading update.

Which Reach publications are affected?

Reach plc's portfolio includes the Daily Mirror and Daily Express among other titles. The trading update covers group-level figures and does not break down performance by individual publication.