The restructure will see five new editorial roles created with a total reduction of 38 roles.
"Efficiency savings" will see the number of advertising staff cut by 11.
Trinity Mirror confirmed that three free weekly newspapers: the Chase Post, the Stafford Post and the Sutton News will be closed.
Production of the Coventry and Birmingham titles will be merged with the establishment of a "regional production hub" involving "content editors from both Birmingham and Coventry, the introduction of a regional features unit for entertainment and lifestyle and the merging of some specialist reporter roles", Trinity Mirror said in a statement.
The jobs cuts represent the third major loss of jobs in three years, with 65 axed in 2008 followed by a further 40 the following year.
Chris Morley, the National Union of Journalists organiser for the region, told Journalism.co.uk the news was "shocking and devastating".
"This is showing that management has run out of ideas and that there is no strategy for making a successful business in the Midlands.
"Journalists and photographers are the life blood of the newspapers and this is journalistic vandalism."
Morley said the union would be applying "substantial pressure on the company to justify" the losses.
"There has been virtually nothing but cuts over the past 10 years causing misery for journalists on the Midlands titles and now there is the closure of some very proud titles."
The review at was carried out by Trinity Mirror's new managing director Steve Anderson-Dixon, who said in a statement: "This review of our organisational structure is vital if we are to ensure a future for our newspapers and websites in the Midlands.
"We all need to work more closely as a region and sharing key resources is a key theme in these proposals.
"These actions will result in a reduction in the number of roles at all levels, across a number of offices and departments and we have entered into a period of consultation with all affected staff."
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