Hollinger International Inc. today announced its intention to sell most of its community newspaper assets.
A news release issued by Hollinger refers to planned sale as part of a restructuring process aimed at reducing the company’s debt and increasing the value of its shares.
Along with community newspapers, the company says some of its metropolitan newspaper assets will be made available for merger or affiliation.
Conrad Black, Hollinger’s chairman and CEO, says “Hollinger International Inc. expects to emerge from this process with a significantly reduced debt level and smaller number of outstanding shares, a stronger strategic position in relation to other media (and especially new media) and appreciably higher earnings per share.”
According to a 1999 study conducted by the CCNA Publisher, Hollinger (including its various publishing divisions and subsidiaries) publishes 131 community newspapers across Canada. Seventy of its newspapers belong to CCNA, the highest concentrations being in British Columbia and Ontario.
Full news release announcing restructuring process
Hollinger International Inc. Web site
CCNA Publisher – 1999 Corporate Ownership Report