Business
Hollinger International Sells Substantially All Remaining Canadian Assets for US$104 Million
Hollinger International Sells Substantially All Remaining Canadian Assets for US$104 Million.
About this update from Glacier Media Inc.
[{"type":"text","content":"\n\n\n\n\nNEW YORK, Jan. 11 /CNW/ -- Hollinger International Inc.\n(NYSE: HLR) and its Canadian affiliate, Hollinger Canadian Publishing Holdings\nCo., have entered into an agreement to sell substantially all of their\nremaining Canadian assets, consisting of, among other things, approximately\n87% of the outstanding Units of Hollinger Canadian Newspapers, Limited\nPartnership (\"HCNLP\") and all of the shares of Hollinger Canadian Newspapers\nGP Inc., Eco Log Environmental Risk Information Services Ltd. and KCN Capital\nNews Company, to an affiliate of Glacier Ventures International Corp.\n(\"Glacier\") (TSX: GVC) for an aggregate purchase price of C$121.7 million, or\nUS$104.4 million.\nHCNLP owns and operates: 1) the Business Information Group (\"BIG\"), which\npublishes a variety of trade magazines, directories, newsletters, electronic\ndatabases and specialty websites, 2) a group of daily and weekly newspaper and\nrelated printing operations in British Columbia, including the Nelson Daily\nNews, West Kootenay Weekender, Cranbrook Daily Townsman, Kimberley Daily\nBulletin, East Kootenay Weekly Extra, East Kootenay Weekly Weekender, Trail\nTimes, Fernie Free Press, Grand Forks Gazette, Grand Forks Boundary Bulletin,\nCreston Valley Advance, Kamloops Daily News, Kamloops The Extra, Prince George\nCitizen, Prince George This Week, Prince George Extra, Alaska Highway News,\nNorth Peace Express, The Northener, Peace River Block News, The Regional\nAdvertiser, The Northern Horizon, The Mirror, Prince Rupert Daily News, and\nPrince Rupert Daily News Extra, 3) the Real Estate Weekly and Kodiak Press in\nVancouver, B.C., and 4) The Sherbrooke Record and Brome County News in the\neastern townships of Quebec.\nN publishes the Merritt News and Merritt News Extra in B.C. Eco Log is\nan electronic information and report service provider that accesses key\nfederal, provincial and private sector databases to help identify potential\nenvironmental risks in Canada for real estate developers, banks, insurance\ncompanies and a variety of other customers.\n\"With the transaction announced today, we can now focus our efforts\nentirely on leveraging the strength of our more than 100 media properties\nacross the Chicago area, our Sun-Times News Group,\" said Gordon A. Paris,\nChairman and Chief Executive Officer. \"We feel confident that our Canadi...