Daily Telegraph seems set for auction after US court ruling

0 Comments | AFP, February, 2004

LONDON (AFP) — A US court decision blocking media tycoon Conrad Black from selling his Hollinger International media empire to two British investors could spark a bidding war for the Daily Telegraph, the empire's crown jewel.

A judge in the state of Delaware in a decision on Thursday prohibited Black from selling his controlling share in Hollinger International to British investors Frederick and David Barclay.

But a ruling by Judge Leo Strine Jr. left open the possibility for the Barclays to buy the Daily Telegraph, Britain's best selling broadsheet papar, as long as it is done through the board of Hollinger International rather than Black.

Black controls 30.3 percent of Hollinger International and 72.6 percent of the voting rights. But he has fallen out...