Black gets Ottawa's nod on Financial Post deal

Article Abstract:

Hollinger Canadian Publishing Holdings Inc. and Southam Inc. have agreed to take 80% of The Financial Post and $150 million from Sun Media Corp. in exchange for four daily newspapers in Southern Ontario. Hollinger and Southam, which is the biggest newspaper chain in Canada, are indirectly controlled by Conrad Black. Southam would like to eventually sell The Financial Post as an autonomous publication. Later, the company will use its resources and employees to create the business section of a new national daily newspaper which will start formal operations on October 27, 1998.

Comment:

Has agreed to take 80% of The Financial Post and $150 million from Sun Media Corp. in exchange for four newspapers in Ontario

United States, Daily & Sunday Newspapers, Daily newspapers, Sun Media Corp., Hollinger Canadian Publishing Holdings Inc.

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Hollinger picks up big Southam block

Article Abstract:

Hollinger Inc., the Toronto, Canada, media group controlled by Conrad Black, is acquiring nearly 8.3 million Southam Inc. shares for C$262 million. The huge block of stock is being sold by Franklin Mutual Advisers Inc. for C$31.68 million each. Franklin Mutual is a US institutional shareholder that helped deter Black's plans to take control of the Canadian newspaper chain in 1997. Southam's portfolio of newspapers include The Ottawa Citizen, The Gazette in Montreal and The Vancouver Sun. The acquisition raises Hollinger's Southam ownership from 58.6% to 69.2%.

Comment:

Acquires nearly 8.3 mil shares of Canadian newspaper chain, Southam, for C$262 mil from Franklin Mutual Advisers

Hollinger Inc.

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