Business
Hollinger International to Sell Ownership Stakes in Great West Newspaper Group and Fundata for US$40.5 Million
Hollinger International to Sell Ownership Stakes in Great West Newspaper Group and Fundata for US$40.5 Million.
About this update from Glacier Media Inc.
[{"type":"text","content":"\n\n\n\n\nNEW YORK, Dec. 19 /CNW/ -- Hollinger International Inc.\n(NYSE: HLR) (\"the Company\") today announced that its subsidiary Hollinger\nCanadian Publishing Holdings Co. (\"HCPH\") has entered into agreements to sell\nits 70 percent interest in Great West Newspaper Group Ltd. (\"Great West\") and\nits 50 percent interest in Fundata Canada Inc. (\"Fundata\") to Jamison\nNewspapers Inc. (\"Jamison\") and Glacier Ventures International Corp.\n(\"Glacier\") (TSX: GVC) (\"Glacier\") for total consideration of approximately\nCDN$47.1 million, or approximately US$40.5 million. Upon completion of the\nsale of Great West to Jamison, Glacier will purchase a 50% interest in Great\nWest from Jamison. The Company said that it expects the transactions to close\nby year-end 2005.\nGreat West Newspaper Group Ltd. is a Canadian community newspaper\npublishing company which publishes 16 titles, mostly in Alberta, and includes\na web printing division that offers commercial printing to the Group and a\nwide variety of commercial customers. Fundata is a Toronto-based provider of\nmutual fund data and analysis.\nThe Company said that it is in discussions with Glacier concerning the\npossible sale to Glacier of its remaining Canadian assets. The Company said\nthat no agreement has been reached concerning the sale of these assets, and\nthat there can be no assurance that an agreement will ultimately be reached.\n\"Over the past two years, through our strategic process, we have\nundertaken a series of initiatives designed to maximize value for our\nshareholders. The transactions we are announcing today represent another step\ntoward that end,\" said Gordon A. Paris, Chairman and Chief Executive Officer\nof Hollinger International. \"Great West and Fundata are outstanding media\nproperties and we believe that they will continue to thrive with their new\nowner.\"\n\nAbout Hollinger International\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 as well as in Canada.\n\nCautionary Statement on Forward-Looking Statements\nCertain statements made in this release are \"forward-looking statements\"\nwithin the meaning of the Private Securities Litigation Reform Act of 1995\n(the \"Act\"). Forward-looki...