Business
Hollinger International Completes Sale of Substantially All of Its Canadian Assets
Hollinger International Completes Sale of Substantially All of Its Canadian Assets.
About this update from Glacier Media Inc.
[{"type":"text","content":"\n\n\n\n\nNEW YORK, Feb. 6 /CNW/ -- Hollinger International Inc.\n(NYSE: HLR) and its Canadian affiliate, Hollinger Canadian Publishing Holdings\nCo., today announced the completion of the sale of substantially all of its\nremaining Canadian assets, consisting of, among other things, approximately\n87% of the outstanding Units of Hollinger Canadian Newspapers, Limited\nPartnership and all of the shares of Hollinger Canadian Newspapers GP Inc.,\nEco Log Environmental Risk Information Services Ltd. and KCN Capital News\nCompany, to an affiliate of Glacier Ventures International Corp. (\"Glacier\")\n(TSX: GVC) for an aggregate purchase price of C$121.7 million, or\nUS$106.1 million.\nAs previously announced in December 2005, Hollinger International sold to\nGlacier its 70 percent interest in Great West Newspaper Group Ltd. and its 50\npercent interest in Fundata Canada Inc. to Jamison Newspapers Inc. and Glacier\nfor total consideration of approximately C$47.1 million, or approximately\nUS$40.5 million.\nGordon A. Paris, the Chairman and Chief Executive Officer of Hollinger\nInternational, said, \"In addition to allowing us to generate substantial value\nfor our investors, the sale of our Canadian businesses enables our management\nto focus all of our attention on the reorganization plan underway at the\nSun-Times News Group. The steps we are taking are designed to deliver improved\nperformance in 2006 and into the future.\"\nHollinger International's financial adviser in the sale of its Canadian\nportfolio of publications is Lazard.\nHollinger International Inc. (http://www.hollingerinternational.com) is a\nnewspaper publisher whose assets include The Chicago Sun-Times and a large\nnumber of community newspapers in the Chicago area.\n\nCautionary Statement on Forward-Looking Statements. Certain statements\nmade in this release are \"forward-looking statements\" within the meaning of\nthe Private Securities Litigation Reform Act of 1995 (the \"Act\").\nForward-looking statements include, without limitation, any statement that may\npredict, forecast, indicate or imply future results, performance or\nachievements, and may contain the words \"believe,\" \"anticipate,\" \"expect,\"\n\"estimate,\" \"project,\" \"will be,\" \"will continue,\" \"will likely result\" or\nsimilar words or phrases. Forward-looking statements involve risks an...