A Trinity Mirror investor wants the publisher to find a merger partner, according to a Sunday Times article.
The call comes a year after merger talks broke down with Northcliffe, the regional division of the Daily Mail & General Trust.
Trinity's share price has fallen by two-thirds this year (down to 37.5p at Friday's close) in the face of a depressed advertising market.
"It's imperative that there's consolidation within the regional newspapers space," said David Lis at Aviva Investors, Trinity's second-largest shareholder with a 10% stake. "It simply has to happen."
Some investors remain concerned at the difficulties presented by Trinity's debt level.
Analysts at Citigroup expect Trinity to report a 28% fall in underlying half-year profits to £38m, on sales £10m lower at £373m.
There is little hope of a return to a dividend, which was axed two years ago.
Source: Sunday Times
