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Hollinger is seeking a new lifeline; Sun-Times owner, Blackstone in talks.(News)(Chicago Sun-Times, Daily Telegraph may be sold)
Crain's Chicago Business, July, 2003
Byline: JEREMY MULLMAN Beleaguered press lord Conrad Black, grasping for cash he needs to maintain control of the company that publishes the Chicago Sun-Times and London's Daily Telegraph, has entered talks with several buyout firms, including New York-based Blackstone Group. Mr. Black controls Chicago-based newspaper publisher Hollinger International Inc.
through a class of supervoting shares he holds in a financially starved, publicly traded Canadian holding company. The holding company's shares are all pledged as collateral on debt, and the company has told preferred shareholders that it will not be able to redeem their shares without driving itself into insolvency. At the same time, shareholders of Hol-linger International-in revolt over Mr. Black's...
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